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chapter 14 vocab
vocabulary
17
Finance
7th Grade
11/18/2013

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Term
income
Definition
the amount of money a person receives or earns reguarly
Term
gross pay
Definition
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 payed 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
a law to do with the taxes that are 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
flexable expences
Definition
expences that come irregularly or that people can adjust more easily than fixed expences
Term
interest
Definition
money that banks pay depositors for use of their money
Term
scholarship
Definition
money for education awarded to students because of their need, of 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
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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