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24 Cards in this Set
- Front
- Back
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Income
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Money that you get (usually from a job) the amount of money that you receive
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Deduction
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An amount of money taken from an employee’s gross pay for taxes insurance social security or other benefits
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Income Tax
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The part of earnings that people must legally give to the government to pay for government services
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Check Stub
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The part of the paycheck that lists deductions from salary
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Gross Pay
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The total amount of an employee’s earnings before deductions are taken out
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Net Pay
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The amount of a paycheck after deductions are taken out (sometimes referred to as take home pay)
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Expenses
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Things you pay for each month with your income (Example: food clothing) a good or service you purchase
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Fixed Expenses
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Expenses that are the same each month (Example: rent)
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Variable Expenses
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Expenses that are not the same each month they fluctuate (Example: clothing)
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Checking Account
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A bank account that you use with checks and/or debit card. Money is taken out of this account when you write a check or use your debit card
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Check
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A written order directing the bank to pay money as instructed by you to take money out of your account
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Endorse
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To sign the back of a check before cashing sign your name on the back
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Ledger/Check Register
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Your record of your account
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Balance
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Money available in your account
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Bounced/Bad
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A check written for more than the amount in your account
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Deposit
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A written order directing the bank to put money into your account
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Withdraw
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When you take money out of your savings or checking account
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ATM
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Automated Teller Machine acts as a bank teller usually open 24 hours
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Debit Card
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Plastic card that accesses your account when the proper PIN (password) is given money is taken directly out of your account
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Savings Account
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A bank account that you deposit money into. Interest is earned on the money that is in the account.
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Interest
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Money a financial institution pays customers at regular intervals
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Credit Card
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A plastic card allowing you to purchase merchandise with future money
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Interest Rate
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The cost/charge for the use of money over a period of time
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Credit Score/Rating
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A record that shows your ability and willingness to pay your debt
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