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Chapter 14 - Vocab
Vocabulary
17
Finance
7th Grade
11/18/2013

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Cards

Term
Income
Definition
The amount of money a person recieves or earns regularly.
Term
Gross Pay
Definition
The total pay.
Term
Net pay
Definition
Take- home pay
Term
Withhold
Definition
To take out (as in money from a paycheck).
Term
Income Tax
Definition
Tax paid to the government on income earned.
Term
Social Security
Definition
A federal government program that provides benefits for people of all ages.
Term
Medicare
Definition
A health care program provided by the federal government primarily for retired persons.
Term
F.I.C.A.
Definition
The Federal Insurance Contribution Act, a law having to do with the taxes that are withheld from paychecks and contributed to the Social Security program.
Term
Budget
Definition
A plan for saving and spending money.
Term
Fixed Expenses
Definition
Expenses that people have already agreed to pay and that must be paid by a particular date.
Term
Flexible Expenses
Definition
Expenses that come irregularly or that people can adjust more easily than fixed expenses.
Term
Interest
Definition
Monay that banks pay depositors for use of their money.
Term
Scholarship
Definition
Money for education awarded to students because of their need, or for academic or athletic achievement.
Term
Loan
Definition
Borrowed money that must be repaid.
Term
Work-Study Program
Definition
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.
Term
Grant
Definition
Money for education provided by the government, schools, or private donors.
Term
Prioritize
Definition
To put in order from first to last or from most important to least important.
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