Shared Flashcard Set

Details

Money Matters
Vocab for Final Exam
31
Finance
11th Grade
04/26/2012

Additional Finance Flashcards

 


 

Cards

Term
401(K)
Definition
A plan under which employees can defer current taxes on a portion of thier salary. Some companys will match the amount.
Term
Blank Endorsement
Definition
Contains just the persons signiture on the back on a check
Term
Check
Definition
preprinted paper that is accepted as cash
Term
Co-signer
Definition
Some one who accepts responsibility to help another person get a credit card or loan
Term
Credit score
Definition
a number that summarizes an individuals' credit history
Term
Defined Contribution Plan
Definition
A plan that provides an individual account for each participant in which they can share profits. (Keogh or 401(K)
Term
Defined-benefit plan
Definition
A plan that specifies the benefits the employee will receive at the normal retirement age. (Company Pension Plans)
Term
Demand Deposit
Definition
a checking or savings account
Term
Dependent
Definition
relies on the taxpayer for support
Term
FICA
Definition
Social security and Medicare tax
Term
Housing
Definition
largest portion of one's income, 25 to 30 percent
Term
I-9
Definition
form used to verify an employee's eligibity to work in the US
Term
IRA
Definition
Individual Retirement Account that individuals can contribute to on their own.
Term
Insurance
Definition
an arrangement between an individual and an insurer to protect the individual
Term
Net Pay
Definition
Gross Pay minus taxes and deductions
Term
Rent
Definition
cost of using someone else's property
Term
Restrictive endorsement
Definition
contains signiture and the words "for deposit only"
Term
W-4
Definition
tax form an employee completes when they begin a new job
Term
beneficiary
Definition
an individual who receives any proceeds if the insured person dies
Term
comprehensive insurance
Definition
coverage on a vehicle for damages other than collision with another vehicle
Term
credit report
Definition
record of a consumer's credit history
Term
deductible
Definition
the amount of money that you have to pay before the insurance company pays
Term
fixed costs
Definition
expenses that stay the same every month like rent
Term
landlord
Definition
someone who owns rental property
Term
lease
Definition
detailed contract of the terms and conditions to rent
Term
liability insurance
Definition
auto insurance that is required by law
Term
property manager
Definition
person who is hired to manage rental property for the owner
Term
security deposit
Definition
advance payment for costs beyond normal housing wear and tear
Term
subleasing
Definition
allowing someone to take over your rent payments if you move out before the lease is up.
Term
tenant
Definition
a person who rents a house or apartment
Term
variable costs
Definition
expenses that flucuate from month to month like food and clothing
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