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20 Cards in this Set
- Front
- Back
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income
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the amount of money a person receives 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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withhold
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to take out (as in money from a check)
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income tax
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tax paid to the government on income earned
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Social Security
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a federal government program that provides benefits for people of all ages
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Medicare
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a healthcare program provided by the federal governemnt primarily for retired persons
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F.I.C.A.(the Federal Insurance Contribution Act.)
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A law having to do with the taxes that are withhwld from paychecks and contributed to the Social Security Program
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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 paid 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 using their money
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scholarship
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money fro education awarded to students because of their need or for achedemic or athletic acheivement
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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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a program that allows students to earn 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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impulse buying
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makinga sudden unplanned decision to buy
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warrenty
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a guarantee that a product meets a certain stand or quality
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exchange
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a trade of one item for another.
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refund
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the return of your money in exchange for the item your purchased
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