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Jimmy's Unit 3 Flash Cards
Budgeting
12
Other
12th Grade
10/25/2006

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Cards

Term
Variable expenses
Definition
can change which means you usually have more control over them.
Term
P.Y.F
Definition
Stands for pay your self.
Term
cash management
Definition
is how you handle money coming in and money going out.
Term
Fixed expenses
Definition
have set dollar amounts and are the exact amount every time.
Term
Net income
Definition
take home pay after all deductions are taken out.
Term
medicare taxes
Definition
also collected from most employees to fund hospital insurance provided under the system.
Term
social security tax
Definition
collected from most employees to fund this federal program, which provides old age, survivors, and disability insurance.
Term
budget
Definition
a plan for manageing money during a given amount of time.
Term
Payroll dedeuctions
Definition
are the amounts subtracted from gross income, which results in your net income.
Term
Taxes
Definition
fees placed on income, property, or goods to support government programs.
Term
federal income taxes
Definition
is a fee for the support of federal government programs and is a payroll deduction collected by the employer each pay period.
Term
/state income tax
Definition
also subtracted from your pay check.
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