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unit 3 flash cards
budgeting
22
Other
12th Grade
10/24/2006

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Cards

Term
medicare tax
Definition
tax used to fund hospital insurance provided under the soacial sercurity system.
Term
income
Definition
any money a person recieves
Term
social sercurity tax
Definition
a tax collected by the employer and paid to state revenue department.
Term
state tax
Definition
a tax used to provide support to old- age, survivors,and disability insurance.
Term
cash management
Definition
sometimes referred to as"cash flow"
Term
P.Y.F
Definition
pay yourself first
Term
deductions
Definition
amounts subtracted from gross income
Term
net
Definition
gross income minus deductions
Term
taxes
Definition
fees used to support government programs
Term
fixed expenses
Definition
expenses that have a set dollar amount each month
Term
expenses
Definition
any money spent or given away
Term
gross
Definition
the amount of income before deductions
Term
budget
Definition
a plan for spending and saving money
Term
federal
Definition
taxes paid to the internal revenue service(IRS)
Term
what is a pay stub?
Definition
a paper that comes along with your paycheck to show the hours and all the deductions they take out.
Term
what are loan papers?
Definition
show how your payments was applied toward your loan balance.
Term
what are the different transation services?
Definition
checking accounts, Atm, quick checking,
Term
what is a cost/ benefit anaylsis?
Definition
chossing between alternate to make the best choice. decide what your wants and needs are and think about wheter ot not the product.
Term
what do u need to remember about accounts?
Definition
that you something have to have a minium balances in your acccounts. Also, make sure that you dont withdrawal any money so that did wont go on your credit.
Term
what is the envelope system?
Definition
1. label the envelope for each spending catergory.
2. place the spending money in each envelope
3. when you are ready to spend the money you take it out of the envelope
Term
what is insurance?
Definition
if you pay a car insurance make sure you keep a copy of the papers. such as, coverage amounts and deductibles.
Term
what is insurance?
Definition
if you pay a car insurance make sure you keep a copy of the papers. such as, coverage amounts and deductibles.
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