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16 Cards in this Set
- Front
- Back
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income
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the amount of money a person recieves or earns regularly
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Gross Pay
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total pay
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Net pay
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take home pay
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Withold
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to take out(as in money from a check)
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Income tax
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tax payed to the government on income earned
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social security
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A federal government program that provides benefits to people of all ages.
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medicare
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a health care program provided by the federal government primarily for retired persons.
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F.I.C.A.
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the federal insurance contribution act - a law having to do with the taxes that are witheld from pay checks and are contributed to the social security prgram
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Budget
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a plan for saving and spending money
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Fixed Expenses
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Expenses that people have already agreed to pay and that must be payed by a particular date
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Flexible Expenses
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Expenses that come irregularly or that people can adjust more easily than fixed expenses
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interest
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money that banks pay depositers for use of their money
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Scholarship
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money for education awarded to students because of their need or for academic or athletic achievement
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loan
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borrowed money that must be repayed
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Work-Study Program
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a program that allows students to learn their education by working full or part time jobs in a related field while they are in school
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Grant
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Money for education provided by the government, schools, or private donors
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