Shared Flashcard Set

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Unit 3 flashcards
Budgeting
19
Other
12th Grade
10/24/2006

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Cards

Term
Medicare
Definition
Tax used to fund hospital insurance provided under the social security system.
Term
Social Security
Definition
a tax used to provide support to old age, survivors, and disablity insurance.
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 month to month.
Term
Taxes
Definition
fees used to support gov't programs.
Term
Income
Definition
any money a person receives.
Term
Cash Management
Definition
Sometimes referred to as cash flow
Term
P.y.f
Definition
pay yourself first
Term
State
Definition
a tax collected by the employer and paid to the state revenue department.
Term
deductions
Definition
amounts 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 revenure serice (irs)
Term
federal
Definition
taxes paid to the internal revenure serice (irs)
Term
ways to handle your cash
Definition
Transaction services
ATM
Quick check account
Term
What is a cost/benefit analyasis
Definition
chossing between alternatives to make the best choice to decide your needs and wants and decide if it fits your needs and wants
.
Term
payroll deductions
Definition
amount of taxes subtracted from your gross income which results in your net income
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