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Matthew's Unit 3 Flashcards
Budgeting
17
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
Income
Definition
Any money a person recieves
Term
Cash Management
Definition
Sometimes referred to as "cash flow"
Term
P.Y.F.
Definition
Pay Yourself First
Term
Social Security
Definition
A tax used to provide support to old-age, survivors, and disability insurance
Term
State tax
Definition
A tax Collected by the employer and paid to the state revenue department
Term
Deductions
Definition
Amounts subtracted from gross income
Term
Gross income
Definition
The amount of income before deductions
Term
Fixed expenses
Definition
Expenses that have a set dollar amount each month
Term
Federal Tax
Definition
Taxes paid to the internal revenue service (IRS)
Term
Net income
Definition
Gross income minus deductions
Term
Expenses
Definition
Any monet spent or given away
Term
Budget
Definition
A plan for spending and saving money
Term
Variable Expenses
Definition
Expenses that change from month to month
Term
Taxes
Definition
Fees used to support government programs
Term
Two parts of a budget:
Definition
Income and Expenses
Term
What are 3 deductions that are subtracted from most peeps paychecks?
Definition
1. Social Security
2. Medicare
3. Federal
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