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Unit 2 Vocab
Unit 2 Vocab
43
Business
10th Grade
10/05/2015

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Cards

Term
Spending Plan
Definition
A document used to determine somebody's cash flow
Term
Gross Income
Definition
A persons income before deductions
Term
Income
Definition
Amount of money somebody makes
Term
Expense Statement
Definition
A report that keeps track of a persons expenses from performing a job
Term
Insurance
Definition
Guaranteed protection granted from a company
Term
Mortgage
Definition
The charging of someones property
Term
Net Gain
Definition
The overall money someone has earned
Term
Net Income
Definition
Net gain minus the goods sold
Term
Net Loss
Definition
When expenses exceed ones income
Term
Savings
Definition
Money a person has saved
Term
Asset
Definition
A valuable of someone
Term
Investment Asset
Definition
A valuable someone uses to make money
Term
Liabillity
Definition
Being responsible for something
Term
Market Value
Definition
Price an asset would trade for
Term
Monetary Asset
Definition
A valuable like currency or banking accounts
Term
Net Worth
Definition
Measure of how much entity is worth
Term
Statement of Financial Position
Definition
Account balance sheet
Term
Tangible Asset
Definition
A physical item
Term
Wealth
Definition
An abundance of money
Term
Community
Definition
A group of people in the same place with common interests
Term
Earned Income
Definition
Money recieved from paid work
Term
Excise Tax
Definition
Taxes paid on a good already paid for
Term
Income Tax
Definition
Government tax
Term
Payroll Tax
Definition
Taxes employers must pay
Term
Property Tax
Definition
Bills somone must pay for owned property
Term
Sales Tax
Definition
Extra money you must pay for the recipts of sales
Term
Taxes
Definition
Extra money you have to pay for certain things to cover other expenses
Term
Taxpaper
Definition
A statement listing the taxes you must pay for that month
Term
Unearned Income
Definition
Money recieved without working
Term
ATM
Definition
A device where money can be deposited and withdrawn
Term
Checking Account
Definition
an account where checks can be drwan by the owner
Term
Commercial Bank
Definition
A bank that offers public services
Term
Contactless Payment
Definition
Credit and Debit cards.
Term
Credit Union
Definition
A bank where consumers are in control.
Term
Expense
Definition
The cost required for something.
Term
Debit Card
Definition
A payment device attatched to your checking account.
Term
Depository Instituion
Definition
A compnay like a bank that stores your money.
Term
Interest
Definition
The rate something increases.
Term
Interest Rate
Definition
The rate someones balance increases.
Term
Mobile Banking
Definition
Banking from a mobile device.
Term
Online Banking
Definition
Particiapating in banking through the internet.
Term
Savings Account
Definition
An account where money is stored for long term use.
Term
Savings Tool
Definition
Can either be something that helps you save money or be an item in which the item is stored.
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