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chapter 14 vocab
vocab
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
Total pay
Term
Net Pay
Definition
Take-home pay
Term
Withhold
Definition
To take out (as in money from a pay check).
Term
Income Tax
Definition
Tax payed to the government on income earned
Term
Socail Security
Definition
A federal government program that provides benifits 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 having to do with the taxes that are withheld from paychecks and contributed to the Socail Security program
Term
Budget
Definition
A plan for spending and saving 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
Money 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 atheletic achievement
Term
Loan
Definition
Borrowed money that must be replaced
Term
Work-Study Program
Definition
A program that allwos a minor to hold a job. It shows the number of hours the minor can work and the kinds of jobs he or she can hold
Term
Grant
Definition
Momey 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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