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unit 3 flashcards
Budgeting
20
Other
12th Grade
10/24/2006

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Cards

Term
Medicare
Definition
Tax used to fund hospital insurace provide under the Social Securtiy System
Term
Social Security
Definition
A tax used to provide support to old-age, surviors, and disablity
Term
Net Income
Definition
Gross income minus deduction
Term
Expenses
Definition
Any money 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
Income
Definition
Ant money a person recives
Term
Cash Management
Definition
Sometimes reffered to as "cash flow"
Term
P.Y.F.
Definition
Pay Yourself First
Term
State Income
Definition
A tax collected by the employer and paid to the state revenue dept
Term
Deduction
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
What are two types of Expenses?
Definition
Fixed Expenses & Variable Expenses
Term
What are three ways to "Handle your Cash"?
Definition
Checking Account,
ATM,
Quick Check Account
Term
What are some ways to strech your dollars?
Definition
Ebay,
coupons,
wholesale club
Term
What are some ways to find out if you are getting the best deal on expensive purchaces?
Definition
Shop around (dif places),
Talk to family and friends,
Reviews (magizine, newspaper, tv),
Product (comsumer report)
Term
Things to remember with accounts
Definition
Minimum Balace,
Annual or Monthly fees,
Insufficient Funds,
ATM fees
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