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chapter 14 vocab
vocab
17
Finance
7th Grade
11/18/2013

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Term
income
Definition
The amount of money a person receives or earnes regular
Term
Gross pay
Definition
Total pay
Term
Net pay
Definition
Take home pay
Term
Withhold
Definition
To take out
Term
income tax
Definition
tax pay to the goverment on income earned
Term
socail security
Definition
a federal goverment program that provides benifits for people of all ages.
Term
medicare
Definition
A health care program provided by the federal goverment primarily for retierd persons
Term
F.I.C.A
Definition
The fediral insurance contribution Act
Term
budget
Definition
A plan for saving and spending money
Term
Fixed Expenses
Definition
Expenses that people have already agreed to pay.
Term
flexible expenses
Definition
Expenses that come irregularly.
Term
intrest
Definition
money that bank pay depositors for use of their money
Term
scholarship
Definition
money for education award
Term
Loan
Definition
borrowed money that must be repid
Term
Work-study program
Definition
a program that alowes students to earn there education
Term
Grant
Definition
money for education provided by the goverment schools or private donors
Term
priorty
Definition
To put in order from first to last
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