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Chapter !4 Vocab
Vocabulary
17
Finance
7th Grade
11/20/2013

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Term
Income
Definition
The amount of money a person recieves or earns reguarly
Term
Gross Pay
Definition
total pay
Term
Net pay
Definition
take home pay
Term
with hold
Definition
To take out (as in money from a pay check)
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
Federal Insurance Contribution Act
Term
budget
Definition
A plan for saving and spending money
Term
fixed expenses
Definition
expenses that people have already agreed to pay by a particular date
Term
flexible expenses
Definition
Expenses that come irregularly or that people can adjust more easily
Term
interest
Definition
money that banks pay depositors for the use of there own money
Term
scholarship
Definition
Money for education awarded to students because if there need and or academic or athletic achievment
Term
loan
Definition
Borrowed money that must be paid back
Term
work-study prgram
Definition
a program that allows students to earn there education by working full or part time jobs in related field while they are in school
Term
grant
Definition
money for education provided by the government, schools , or private schools
Term
prioritize
Definition
to put in order from first to last or from most important or least important
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