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Chapter 14 Vocab
Vocab
17
Finance
7th Grade
11/18/2013

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Cards

Term
Income
Definition
The ammount a person recieves or earns.
Term
Gross Pay
Definition
Total pay.
Term
Net Pay
Definition
Take home pay.
Term
Withhold
Definition
To take out (money from a paycheck).
Term
Income Tax
Definition
Tax given to the government on income earned.
Term
Social Security
Definition
A government program that provides for people of all ages.
Term
Medicare
Definition
Healthcare program provided by the government for retired.
Term

F.I.C.A

(Feederal. Insurace. Contribution. Act.)

Definition

Federal Insurance Contribution Act.

Law having to do with the taxes taken from checks to be used for Social Security.

Term
Budget
Definition
Plan for spending/saving money.
Term
Fixed Expenses
Definition
Expenses that are pre-determined. They must be payed by a specific date.
Term
Flexible Expenses
Definition
Expenses that come irregularly or that you can change a little more than fixed expenses.
Term
Interest
Definition
A fee paid by a borrower.
Term
Scholarship
Definition
Money for school given to them because of their need, athletic, or academic acheivments.
Term
Loan
Definition
Borrowed money that needs to be repaid afterwards.
Term
Work-Study Program
Definition
Program that allows students to go to school by working a part-time or full-time job in the same field.
Term
Grant
Definition
Money for school provided by the government, schools, or private donors.
Term
Prioritize
Definition
Put into order the importance of jobs greatest to least.
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