Term
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Definition
| p.y.f stands for pay yourself first |
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Term
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Definition
| cash managment is how you handle money coming in and monwy going outsometimes it is refered to as "cash flow" |
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Term
| what is a variable expense |
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Definition
| variable expenses can change, which means you usually have more control over them. |
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Term
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Definition
| Fixed expenses have set dollar amounts and are the exact amount every time. |
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Term
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Definition
| your expenses typically fall into one of two categories: fixed and variable. |
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Term
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Definition
| net income is the total after the deductions from your paycheck. |
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Term
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Definition
| social security tax is collected from most employees to fund this federal program, which provides old age, survivors, and disability insurance. |
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Term
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Definition
| medicare tax is also collected from most employees to fund the hospital insurance provider under this system. |
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Term
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Definition
| state income tax is subtracted from your paycheck. it is a fee collected by your employer and paid to the state revenue department to support state programs. |
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Term
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Definition
| federal income tax is a fee for the support if federal government program and is also a payroll deduction. |
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Term
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Definition
| taxes are fees placed on income,property,or goods to support government programs. |
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Term
| what is payroll deductions |
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Definition
| payroll deductions are the amounts subtracted from gross income, which results in your net income. |
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Term
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Definition
| gross income is the total amount of income from your wages or salary before payroll deductions |
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Term
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Definition
| income is any money coming in. |
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Term
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Definition
| a budget is a plan for managing money during aa given period of time. |
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Term
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Definition
| a short term loan from the bank cover the amount in which over drew your account. |
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Term
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Definition
| if you write a check for money that you dont have in your account you bounce your check. |
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Term
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Definition
| some accounts may charge you just for having the account |
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Term
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Definition
| ATM stands for Automated teller machine |
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Term
| what is a Quick check account |
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Definition
| debt card linked to your checking account |
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