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PF vocab words
Vocabulary
44
Other
10th Grade
10/05/2015

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Term
Spending Plan
Definition
A document used to determine the cash flow of an individual or family. A personal spending plan, similar to a budget, helps outline where income is earned and expenses are incurred.
Term
Expense
Definition
the cost required for something; the money spent on something
Term
Gross income
Definition
The starting point for determining Federal and stateincome tax of individuals, corporations, estates and trusts, whether resident or nonresident
Term
Income
Definition
money received, especially on a regular basis, for work or through investments.
Term
income and expense statement
Definition
A financial statement that measures a company's financial performance over a specificaccounting period. 
Term
Insurance
Definition
a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.
Term
Mortgage
Definition
the charging of real (or personal) property by a debtor to a creditor as security for a debt (especially 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 result that occurs when expenses exceed the income or total revenue produced for a given period of time
Term
Net income
Definition
is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.
Term
Net loss
Definition
The result that occurs when expenses exceed the income or total revenue produced for a given period of time. 
Term
Savings
Definition
an economy of or reduction in money, time, or another resource.
Term
Asset
Definition
Something someone has or has paid for
Term
Investment Asset
Definition
An asset or item that is purchased with the hope that it will generate income or appreciate in the future. 
Term
Liability
Definition
the state of being responsible for something, especially by law.
Term
Market Value
Definition
the amount for which something can be sold on a given market.
Term
Monetary Asset
Definition
Assets in which the right to receive a fixed or determinable amount of currency is absent.
Term
Net worth
Definition
How much you and what you have is worth
Term
Statement of financial position
Definition
financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time.
Term
Tangible Asset
Definition
fixed assets, such as machinery, buildings and land, and current assets, such as inventory.
Term
Wealth
Definition
an abundance of valuable possessions or money.
Term
Community
Definition
a group of people living in the same place or having a particular characteristic in common.
Term

Earned income

Definition
a group of people living in the same place or having a particular characteristic in common.
Term
Excise tax
Definition
 taxes paid when purchases 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 from sales
Term
Taxes
Definition
What the govermtent makes you pay for there profit
Term

unearned income

 

Definition
money gaven to you by the goverment if you cant work
Term
Automated teller machine
Definition
a machine that automatically provides cash and performs other banking services on insertion of a special card by the account holder
Term
checking account
Definition
an account at a bank against which checks can be drawn by the account depositor.
Term
Commercial Bank
Definition
A bank That holds money commericaly
Term
Contactless payment
Definition
a secure method for consumers to purchase products or services on credit or smartcards
Term
Credit union
Definition
A bank
Term
debit card
Definition
 card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
Term
depositary instution
Definition
a bank
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
Taxpayer
Definition
Someone who payes taxes
Term
Interest rate
Definition
The rate your interest comes in
Term
mobile banking
Definition
Banking done through an app or online
Term
Online banking
Definition
Banking done through a computer online.
Term
Savings account
Definition
a bank account that earns interest.
Term
Savings tool
Definition
Savings tools are secure and liquid accounts offered by depository institutions assisting in the management of a savings fund.
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