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Kenny Jones Unit 3 Flash Cards
Budgeting
20
Other
12th Grade
10/25/2006

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Cards

Term
This tax funds hospital insurance programs and also pays health benefits to the elderly and the disabled.
Definition
Medicare tax
Term
This income tax is a fee that is taken out of your paycheck by your employer to support federal government programs and is paid to the IRS.
Definition
Federal Tax
Term
This income is the amount of income you receive from your wages or salary before payroll deductions.
Definition
Gross
Term
This is a plan for managing money.
Definition
Budget
Term
To have a set dollar amount. In other words, each payment for this is the exact same amount.
Definition
Fixed Expenses
Term
This income tax is a tax that is subracted from your paycheck by your employer to support State programs and is paid to the State Revenue department.
Definition
State Tax
Term
These are amounts that are subtracted from your paycheck each paycheck. For example: Taxes, health insurance, amd retirement savings.
Definition
Payroll Deductions
Term
These are fees placed on income, property, or goods to support government programs.
Definition
Taxes
Term
This is a tax that provides benefits to those of old age, survivors, and disabled.
Definition
Social Security Tax
Term
This is the amount that you have left in your paycheck after the deductions are taken out.
Definition
Net Income
Term
What is P.Y.F?
Definition
Pay Yourself First
Term
Expenses that can change in amount from period to period.
Definition
Variable Expenses
Term
Money that is coming in.
Definition
Income
Term
Money that is going out.
Definition
Expenses
Term
An account that you have at a financial institution.
Definition
Checking Account
Term
A personal budget for managing money during a given time period.
Definition
Spending and Saving Plan
Term
True or false

Income and spending must balance each other.
Definition
True
Term
True or False

A phone payment is an example of a variable expense.
Definition
False
Term
A short term loan from the bank to cover the amount in which you overdrew your account.
Definition
Overdraft Protection
Term
What does ATM stand for?
Definition
Automated Teller Machine
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