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Finance 2
part 2 finance vocabulary (budgeting)
10
Finance
Not Applicable
02/26/2018

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Term
Consumer
Definition
A person who purchases goods and services for personal use.
Term
Gross Income
Definition
Income, profit, or interest without deduction of tax or other contributions; total.
Term
Net income
Definition
The excess of revenues and gains of a person after expenses and losses during a given period of time.
Term
Social Security
Definition
Any government system that provides monetary assistance to people with an inadequate or no income for various reasons.
Term
Medicare
Definition
A U.S. government program of hospitalization insurance and voluntary medical insurance for persons aged 65 and over and for certain disabled persons under 65.
Term
Withholding
Definition
If you are an employee, your employer probably withholds income tax from your pay. Tax may also be withheld from certain other income — including pensions, bonuses, commissions, and gambling winnings. In each case, the amount withheld is paid to the IRS in your name.
Term
Medicaid
Definition
A health assistance program financed by federal, state, and local taxes to help pay hospital and medical costs for persons of low income.
Term
Deductions
Definition
The act or process of subtracting from a total amount, income, etc.
Term
Income tax
Definition
Imposed on individuals or entities (taxpayers) that varies with their respective income or profits.
Term
Refund
Definition
To make repayment to;to reimburse.
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