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

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Cards

Term
Income
Definition
the amount of money a person earns or recieves regularly
Term
Gross pay
Definition
total pay
Term
Net pay
Definition
take home pay
Term
Withhold
Definition
to take out , money from a pay check
Term
Income tax
Definition
tax paid to the government on income earned
Term
social security
Definition
a federal government program that provides services for every age
Term
medicare
Definition
a health care program provided by the federal government mostly for retired people
Term
F.I.C.A.
Definition
law that has to do with taxes withheld from paychecks that go to social security
Term
Budget
Definition
a plan on how you use your money
Term
Fixed expenses
Definition
expenses that are already agreed on being paid on a specific date
Term
flexible expenses
Definition
irregular expenses that people adjust to easily
Term
interest
Definition
The money that banks pay the depositor when they use their money
Term
scholarship
Definition
Money for education awarded to students if they need it , for academic achievement , and athletic achievement
Term
loan
Definition
Borrowed money that MUST be replaced
Term
work study program
Definition
the program that lets students earn their education by full or part time jobs while they are in school
Term
grant
Definition
Money for education provided by the government , schools, or private donor
Term
prioritize
Definition
order things from important to least important , or any order
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