Shared Flashcard Set

Details

Flash Cards
tech class
20
Other
9th Grade
12/10/2008

Additional Other Flashcards

 


 

Cards

Term
Finacial Planning
Definition
The process of setting spending priorities, defining goas and developing a plan to achieve them, and then putting the plan into action.
Term
Delayed Gratification
Definition
The willingness to give up something you want now in order to get something better in the future.
Term
Opportunity Cost
Definition
The value of what is given up when you choose one option over another.
Term
Satellite Decisions
Definition

Smaller desisions that can result from a major decisison.

Term
Annual Percentage Rate
Definition
APR is the total amount of what it cost you use credit in a given year. It is expressed as a percentage of the amount borrowed.
Term
Origination Fee
Definition
A charge for setting up a loan that is typically associated with home loans.
Term
Gross Income
Definition
The totalamount of income from wages before any payroll deductions.
Term
Grace Period
Definition
On a credit card, the length of time you have before you start accumulating interest on an unpaid balance.
Term
Over-The-Limit Fee
Definition
A fee on credit cards for makeing charges above your credit limit.
Term
Cash Flow
Definition
Movement of the money you recive and the money you spend.
Term
Spending Plan
Definition
Another term for buget. (Buget - A spending plan for managing money during a given periop of time.)
Term
Universal Default
Definition
A clause included in many credit card company agreements that allows a credit card copmany to increase you interest rate if you make just one late payment.
Term
Social Security Tax
Definition
A payroll deduction collected by employers by law and sent to the federal goverment to provide a small income and other services to the elderly, disabled americans, and orphaned minors.
Term
Net Income
Definition
Also called "take-home pay"; it's the amount of income left after payroll deductions.
Term
Medicare Tax
Definition
A payroll deduction collected by employers by law and sent to the federal government to provide medical insurance to the elderly and to some disabled americans.
Term
State Income Tax
Definition
A payroll deduction collected by employers by law and sent to the state governments to support state services.
Term
Federal Income Tax
Definition
A payroll deduction collected by employers by law and sent to the federal government to support qovernmental progrmas.
Term
Expenses
Definition
An amount of money spent to buy something or do something.
Term
FIxed Expenses
Definition
Expenses that cost the same amount every time.
Term
Variable Expenses
Definition
Expenses that are not fixed.
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