Term
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Definition
| a plan for managing money during a given period of time (spending/saving plan) |
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Term
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Definition
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Term
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Definition
| total amount of income before taxes |
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Term
| What are payroll deductions? |
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Definition
| amounts subtracted from gross income; creates net income |
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Term
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Definition
| fees on income, property, or goods for gov't programs |
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Term
| What is Federal Income Tax? |
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Definition
| a fee to support gov't prgrams and is deducted by employees to pay (IRS) |
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Term
| What is State Income Tax? |
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Definition
| a fee collected by employers and paid to the state revenue department |
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Term
| What is social security tax? |
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Definition
| a tax collected by the fed. gov't to fund programs for retirement |
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Term
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Definition
| fee from employers to pay for hospital insurance provided by them |
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Term
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Definition
| "take home pay" money earned after taxes |
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Term
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Definition
| money spent on needs and wants (two types: fixed and variable) |
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Term
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Definition
| fees that have set dollar amounts; never change |
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Term
| What are variable expenses? |
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Definition
| fees without a set dollar amount; in YOUR control |
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Term
| Whaat is cash management? |
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Definition
| how you handle money coming in and out |
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Term
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Definition
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Term
| What is a checking account? |
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Definition
| a bank account that you use at your convenience and to help minimize the amount of cash you carry |
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Term
| What is a cost/benefit analysis? |
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Definition
| a comparison to make sure a product's cost is worth the service it provides |
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Term
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Definition
| another form used as cash to pay bills or costs when one lacks cash on their person |
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Term
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Definition
| a way to receive 'fast cash' used at an ATM machine to take money out of your personal account |
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Term
| What is a minimum balance? |
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Definition
| a certain amount that a bank requires you to maintain in your checking account for it to remain open |
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Term
| What are annual/monthly fees? |
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Definition
| fees banks charge for providing you with a checking account |
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Term
| What is overdraft protection? |
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Definition
| a bank charges you a fee to provide you with a short-term loan to cover a check you write. |
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Term
| What are insufficient funds? |
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Definition
| money you lack in your account to cover a check or charge you make that requires a fee to be paid by you |
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Term
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Definition
| fees an ATM charges you to use the machine if you belong to a different bank. |
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Term
| What are the seven things to keep records of? |
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Definition
| Chacking account statements, savings and investments, insurance, tax documents, pay stubs, loan papers and BIG-TICKET item receipts and warranties |
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Definition
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