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Unit 3 Flash Cards
Budgeting
25
Other
12th Grade
10/24/2006
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Term
Medicare
 Definition
Tax used to fund hospital insurance provided under the Social Security System.
Term
Social Security
 Definition
A tax used to provide support to old-age, survivors, and disability insurance.
Term
Net Pay
 Definition
Gross income minus deductions.
Term
Expenses
 Definition
Any money spent or given away.
Term
Budget
 Definition
A plan for saving and spending money.
Term
Variable Expenses
 Definition
Expenses that change from month to month.
Term
Taxes
 Definition
Fees used to support government programs.
Term
Income
 Definition
Any money a person receives.
Term
Cash Management
 Definition
Sometimes referred to as "cash flow".
Term
P.Y.F.
 Definition
Pay yourself first
Term
State Tax
 Definition
A tax collected by the employer and paid to the state revenue department.
Term
Deductions
 Definition
Amounts subtracted from gross income.
Term
Gross Income
 Definition
The amount of income before deductions.
Term
Fixed Expenses
 Definition
Expenses that have a set dollar amount each month.
Term
Federal Taxes
 Definition
Taxes paid to the IRS(International Revenue Service).
Term
Spending And Saving Plan
 Definition
a personal budget for managing money during a given time period.
Term
Payroll Deductions
 Definition
Deductions taken from gross income by employer.
Term
What is the purpose of a W-4 form?
 Definition
To allow the employer to withhold federal income taxes from the employee wages.
Term
What is the purpose of a W-2 form?
 Definition
To itemize how much money was made by an employee and how much was withheld and sent to the IRS.
Term
True or False:
A personal budget should be planned for a specific period of time.
 Definition
True
Term
True or False:
You can think of P.Y.F. as a bill you owe yourself.
 Definition
True
Term
True or False:
When the costs of a service outweigh its benefits, its a good purchase.
 Definition
False
Term
True or False:
You must be able to differenciate between your needs and your wants.
 Definition
True
Term
True or False:
Income and spending must balance eachother.
 Definition
True
Term
True or False:
A car payment is an example of a variable expense.
 Definition
False
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