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Unit 2 Vocab
Definitions
43
Business
12th Grade
10/05/2015

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Term
Spending Plan
Definition
A paper or electronic document used to record both planned and actual income and expenditures over a period of time.
Term
Expense
Definition
Money spent.
Term
Gross Income
Definition
The total amount of money earned during a pay period before payroll deductions.
Term
Income
Definition
Money earned.
Term
Income and Expense statement
Definition

Income: A financial statement that measures a company's financial performance over a specific acounting period.

Expense: A report that tracks expenses incurred during the courses of performing necessary job functions.

Term
Insurance
Definition
An arrangement between an individual and an insurance company to protect the individual against risk.
Term
Mortgage
Definition
The charging of real (or personal) property by a debator to a creditor as sercurity for a debt (especually one incurred by the purchase of the property), on the condition that it shall be returned on payment of the debt within a certain period.
Term
Net Gain
Definition
The positive amount of money remaining after subtracting expenses from income.
Term
Net Income
Definition
The amount of an individual's take-home pay after taxes and other deductions have been taken out.
Term
Net Loss
Definition
The negative amount of money remaining after subtracting expenses from income
Term
Savings
Definition
Portion of current income not spent on consumption.
Term
Asset
Definition
Everything a person owns with monetary.
Term
Investment Asset
Definition
Securities designed to generate profits.
Term
Liability
Definition
Debts or what is owed to others.
Term
Market Value
Definition
The amount for which something can be sold on a given market.
Term
Monetary Asset
Definition
An asset such as cash, accounts receivable, or a note receivable where the amount is a fixed, stated amount.
Term
Net Worth
Definition
The amount of money left when liabilities are subtracted from assets.
Term
Statement of Financial Position
Definition
Reports the amounts of assets, liabilities, and net assets as of a specified date.
Term
Tangible Asset
Definition
An asset that has a material or physical form - anything that can be touched.
Term
Wealth
Definition
Measurement of how much a person or household owns once all debts have been paid.
Term
Community
Definition
A group of people living in the same place or having a particular characteristic in common.
Term
Earned Income
Definition
Money derived from paid work.
Term
Excise Tax
Definition
Taxes paid when parchases are made on a specific good, such as gasoline.
Term
Income Tax
Definition
Tax levied by a government directly on income, especially an annual tax on personal income.
Term
Payroll Tax
Definition
Taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.
Term
Property Tax
Definition
A levy on property that the owner is required to pay.
Term
Sales Tax
Definition
A tax on sales or on the receipts form sales.
Term
Taxes
Definition
Citizen charges by local, state and federal governements.
Term
Taxpayer
Definition
A person who pays taxes.
Term
Unearned Income
Definition
Income from investments tather than from work.
Term
Automated Teller Machine
Definition
An electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller.
Term
Checking Account
Definition
An account at a bank against which checks can be drawn by the account depositor.
Term
Commerical Bank
Definition
A bank that offers services to the general public and to companies.
Term
Contractless Payment
Definition
Credit cards and debit cards, key fobs, smart cards or other devices, including smartphones and other moblie divices, that use radio-frequency indentification (RFID) or near field communication (NFC) for making secure payments.
Term
Credit Union
Definition
A nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.
Term
Debit Card
Definition
A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
Term
Depository Institution
Definition
 a financial institution in the United States (such as a savings bank, commercial bank, savings and loan associations, or credit unions) that is legally allowed to accept monetary deposits from consumers.
Term
Interest
Definition
Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
Term
Interest Rate
Definition
The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
Term
Mobile Banking
Definition
refers to the use of a smartphone or other cellular device to perform online banking tasks while away from your home computer, such as monitoring account balances, transferring funds between accounts, bill payment and locating an ATM.
Term
Online Banking
Definition
refers to banking services where depositors can manage more aspects of their accounts over the internet, rather than visiting a branch or using the telephone
Term
Savings Account
Definition
a bank account that earns interest.
Term
Savings Tools
Definition
As long as the specific depository instuon is insured and you stay within the coverage.
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