Shared Flashcard Set

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chapter 14 vocb
vocb
17
Finance
7th Grade
11/18/2013

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Cards

Term
income
Definition
amount of money a person receives or earns regularly.
Term
gross pay
Definition
total pay.
Term
net pay
Definition
take home pay.
Term
withhold
Definition
take out money.
Term
income tax
Definition
tax paid to the government on income earned.
Term
social security
Definition
a federal government program that benefits everyone.
Term
medicare
Definition
a health care program given to by the federal government primarily for retied people.
Term
f.i.c.a
Definition
a law having to do with the taxes that are withheld from paychecks and contributed to the social security programs.
Term
budget
Definition
a plan for saving and spending money.
Term
fixed expenses
Definition
expenses that a person has already agreed to pay an it has to be paid on a certain date.
Term
flexible expenses
Definition
expenses that comes irregularly or that people can adjust more easily than fixed expenses
Term
interest
Definition
money that banks pays depositors for use of their money.
Term
scholarship
Definition
money for education award to students because of their needs or for academic or athletic achievement.
Term
loan
Definition
money that you borrow but has to be repaid.
Term
work-study program
Definition
a programs that allows student to earn their education by working full time or part time jobs in their field.
Term
grant
Definition
money for education provide by school,the government and private donors.
Term
prioritize
Definition
to put in order from first to last or from most important to least important.
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