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Unit 3 FlashCards
budgeting
14
Other
12th Grade
10/25/2006

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Cards

Term
Budget
Definition
"Spending Savings"
a plan of managing money during a given period of time
Term
Income
Definition
Money coming in. Usually considered money from a job.
Term
Gross Income
Definition
total hours worked times hourly wage
Term
P.Y.F.
Definition
Developing the habit of saving regulary and paying yourself first
Term
Variable Expenses
Definition
Expenses that change in amount from period to period
Term
Net Income
Definition
Take Home Pay
once you subtracted all the necessary deductions, you are left with your net income
Term
PayRoll Deductions
Definition
money taken out of a paycheck by an employer to pay for taxes, health insurance, and etc.
Term
PayRoll Deductions
Definition
money taken out of a paycheck by an employer to pay for taxes, health insurance, and etc.
Term
Fixed Expenses
Definition
expenses that are the exact same amount every time
Term
Federal Income Tax
Definition
Support federal government programs and is a payroll
Term
State Income Tax
Definition
Its a fee collected by your employer and paid to the state revenue department
Term
Social Security Tax
Definition
Collected from most employees to fund ferderal program, which provides old age, and disablity insurance.
Term
Cash Management
Definition
how you handle your money coming in and money going out
Term
Transaction Services
Definition
-write a check
-use atm card
-debit card linked to checking accont
-minium balances
-monthly fees
-overdraft protection
-atm fees
-funds charge
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