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20 Cards in this Set
- Front
- Back
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(14.1)income
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The amount of a person receives or earns regulary
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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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withhold
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to take out (as in money from their paycheck)
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income tax
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tax paid to the gov't on your income
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Social Security
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provides benefits for people of all ages
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medicare
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health care program provided by federal gov't mainly to retired people
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F.I.C.A
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Federal Insurance Contribution Act. law having to do with taxes that are repelled from paychecks to provide for medicare and social security
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Budget
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Plan for saving and spending money
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fixed expenses
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poeple have already agreed to pay and must be paid by a particular date
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flexible expense
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comes irregularly or can be adjusted more easily
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interest
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money banks paid to depositers for the 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 success in athletic or academic
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loan
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borrowed money that must be repaid
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work study program
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allows students to earn their education by working full or part time in a job related to education
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grant
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money for education provided by the gov't, school, or private donors
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(14.2)impulse buying
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making a sudden unplanned descision to buy
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warranty
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guarentee a product meets certain standards of quality
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exchange
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trade of 1 item for another
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refund
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return of money for a purchased item
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