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

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Term
income
Definition
the amount of money you get before the taxes are taken out.
Term
gross pay
Definition
the total pay.
Term
net pay
Definition
take-home pay.
Term
withhold
Definition
to take out.
Term
income taxes
Definition
taxes made to the governement on income earned.
Term
social secrity
Definition
a federal government program the bennifitts to all ages.
Term
medicare
Definition
a health care program created by the feeral governement
Term
F.I.C.A
Definition
a law in which taxes may be taken out of the pay check.
Term
budget
Definition
amount of money you can spend.
Term
fixed expenses
Definition
a thing the people have already agreed to pay and must be paid by a certain date.
Term
flexible expenses
Definition
where money comes irregurlay and people can adjust things more easier.
Term
interest
Definition
the money that banks pay depositer for use of their money.
Term
scholarship
Definition
money that comes to you to pay off collage.
Term
loan
Definition
when you take money from a bank and you have a certain amount of time to return that.
Term
work-study program
Definition
a program which allows students to earn their education by working full or part time jobs.
Term
grant
Definition
money that is given from schools, governments or private donors.
Term
priortize
Definition
to put in order from least to last of whats important to least important
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