Term
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Definition
| A tax used to provide support to old-age, survivors, and disability insurance. |
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Term
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Definition
| Tax used to fund hospital insurance provided under the Social Security System. |
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Term
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Definition
| Gross income minus deductions |
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Term
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Definition
| Any money spent or given away |
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Term
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Definition
| A plan for spending and saving |
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Term
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Definition
| Expenses that can change from month to month |
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Term
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Definition
| Fees used to support government programs |
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Term
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Definition
| Any money a person receives |
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Term
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Definition
| Sometimes referred to as "cash flow" |
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Term
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Definition
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Term
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Definition
| A tax collected by the employer and paid to the state revenue department. |
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Term
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Definition
| Amounts subtracted from gross income |
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Term
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Definition
| The amount of income before deductions |
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Term
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Definition
| Expenses that have a set dollar amount each month |
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Term
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Definition
| Taxes paid to the Internal Revenue Service (IRS) |
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Term
| What are some records that should be kept? |
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Definition
1. Checking account statements
2. Savings and investments
3. Insurance
4. Tax documents
5. Pay stubs
6. Loan papers
7. Big-ticket item receipts and warranties |
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Term
| What is the envelope system? |
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Definition
| The envelope system is when you label an envelope for each spending category of your budget, and record the planned amount on the appropriate envelope. |
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Term
| What is a checking account? |
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Definition
| A checking account is an essential tool for handling cash, especially when you have a job. |
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Term
| What can you do with a checking account? |
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Definition
| With a checking account you can deposit your paycheck, or any other money you receive, and when you need money, you have several options. |
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Term
| What are some ways to take money out of a checking account? |
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Definition
1. Write a check
2. Use the ATM card
3. Use a debit card linked to your checking account. |
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Term
| What are some fees or charges a bank can add on to a checking account? |
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Definition
1. Minimum balance
2. Annual or monthly fees
3. Overdraft protection
4. Insufficient funds charge
5. ATM fees |
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Term
| What is minimum balances? |
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Definition
| Minimum balances is the minimum balance that must be kept in a checking account at all times. |
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Term
| What is annual or monthly fees? |
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Definition
| Annual or monthly fees is a fee some banks charge a month for having a checking account. |
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Term
| What is overdraft protection? |
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Definition
| Overdraft protection is if you write a check for more than what you have in your checking account, and they charge a fee for it. |
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Term
| What is insufficient funds charge? |
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Definition
| Insufficient funds charge is if you write a check for more than you have and you dont have overdraft protection then the bank will return your check unpaid. |
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Term
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Definition
| ATM fees is if you use a ATM that belongs to your bank and there may be no cost, but if you use another banks ATM there might be a cost from your bank and the bank that you use. |
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