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unit 2 vocab
Vocab
43
Other
9th 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. similar to a budget
Term
Expense
Definition
the cost required for something; the money spent on something.
Term
Gross Income
Definition
An individual's total personal income before taking taxes or deductions into account.
Term
income
Definition
Term

 

income and expense statement

Definition
' A financial statement that measures a company's financial performance over a specific accounting period. 
Term
insurence
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
 a creditor as security on a loan.
Term
net gain
Definition
 The overall improvement observed in some measure after all positive and negative influences have been fully accounted 
Term
net Income
Definition
in business, net income 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 amount of money lost
Term
savings
Definition
 money one has saved
Term
asset
Definition
a useful or valuble thing
Term
investment asset
Definition
item that is purchased with the hope that it will generate income or appreciate in the future
Term
liability
Definition
A sum of money that you owe it can be on anything like a car loan
Term
market value
Definition
 amount for which something can be sold on a given market.
Term
Monetary assets
Definition
can be converted from a fixed ammount of currency
Term

net worth

 

Definition
assets + liabilitys
Term
Statenebt of financial position
Definition
balence sheet
Term
tangible assets
Definition
items that you own that isn't money
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
Income that you earned from labor or working
Term
excise tax
Definition
taxes paid on purcheses
Term
payroll tax
Definition
Deductions from your pay check
Term
property tax
Definition
amount paid on land
Term
income tax
Definition
tax levied by a government directly on income
Term
sales tax
Definition
a tax on sales or on the receipts from sales
Term
taxes
Definition
money paid to the government
Term
taxpayer
Definition
a person who pays taxes
Term
unearned income
Definition
money that you didnt earn from working
Term
Atm
Definition
An electronic banking outlet
Term
Checking account
Definition
an account that lets you draw checks.
Term
commercial bank
Definition
a bank that offers services to the general public and to companies.
Term
contractless payment
Definition
any payment that isnt cash or check
Term
credit union
Definition
a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates members own the bank
Term
debit card
Definition
a card issued by a bank that allows the holder to transfer money electroniclly
Term
depository institution
Definition
a bank
Term
interest
Definition
money paid regulary to an account for having money in a account
Term
interest rate
Definition
the proportion of a loan that is charged as interest to the borrower
Term
mobile banking
Definition
the use of a smart phone for banking purposes
Term
online banking
Definition
banking done on the internet
Term
savings account
Definition
let customers set aside a portion of their liquid assets while earning a monetary return
Term
savings tool
Definition
anything that helps you save money
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