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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 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 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 all ages
Term
Medicare
Definition
A healthcare program provided by the federalĀ  government primarily for retired persons
Term
F.I.C.A
Definition
A law having to do with 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 payed by a particular date
Term
Flexible Expenses
Definition
Expenses that come irregularly or that people can adjust more than fixed expenses
Term
Interest
Definition
Money that banks pay depositors for use of their money
Term
Scholarship
Definition
Money education awarded to students because of their need, or for academic or athletic achievment
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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