Shared Flashcard Set

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unit 3 flash cards
budgeting
16
Other
12th Grade
10/24/2006

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Cards

Term
Social Security
Definition
A tax used to prvide support to old-age, survivors, and disablity insurance
Term
Medicare
Definition
Tax used to fund hospital insurance
Term
State Tax
Definition
A tax collected by the employer and paid to the state revenue department
Term
net
Definition
Gross income minus deductions
Term
Expenses
Definition
Any money spent or given away
Term
Budget
Definition
A plan for spending and saving money
Term
Variable
Definition
Expenses that change from month to month
Term
Taxes
Definition
Fees used to support government programs
Term
Income
Definition
Any money a person recieves
Term
Cash Management
Definition
Sometimes referred to as "cash flow"
Term
PYF
Definition
Pay yourself first
Term
Deductions
Definition
Amounts subtracted from gross income
Term
Gross
Definition
the amount of income before deductions
Term
Fixed
Definition
Expenses that have a set doollard amount each month
Term
Federal
Definition
Taxes paid to the IRS
Term
ATM fees
Definition
fees that the bank charges for using the ATM sometimes if you use other banks, your charge twice, from your bank and the back you used
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