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Unit 3 Flash Cards
Budgeting
14
Other
12th Grade
10/24/2006

Additional Other Flashcards

 


 

Cards

Term
Medicare
Definition
Tax used to fund hospital insurance provided under the social security system
Term
Income
Definition
any money a person receives
Term
Cash Management
Definition
sometimes referred to as cash flow
Term
PYF
Definition
pay yourself first
Term
Social Security
Definition
a tax used to provide support to old-age, survivors, and disability insurance
Term
state
Definition
a tax collected by the employer and paid to the state revenue departrment
Term
deductions
Definition
amount subtracted from gross income
Term
gross
Definition
the amount of income before deductions
Term
fixed
Definition
expenses that have a set dollar amount each month
Term
federal
Definition
taxes paid to the Internal Revenue Service (IRS)
Term
net
Definition
gross income minus deductions
Term
expenses
Definition
any money spent or given away
Term
budget
Definition
a plan for spending and saving money
Term
variable
Definition
expenses that change from month to month
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