Shared Flashcard Set

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unit 3 flash cards
budgeting
20
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
Social Security
Definition
a tax used to provide support to old-age, survivors, and disability insurance
Term
net
Definition
griss income minus deductions
Term
expenses
Definition
any money spent or given away
Term
budget
Definition
a plan for spending and saving money
Term
budget
Definition
a plan for spending and saving money
Term
variable
Definition
expenses that change from month to month
Term
taxes
Definition
fees used to support government programs
Term
income
Definition
any money a person receives
Term
cash management
Definition
sometimes reffered to as "cash flow"
Term
P.Y.F.
Definition
pay yourself first
Term
state tax
Definition
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
ATM
Definition
you can take out money using a personal identification number
Term
quick check account
Definition
debt card linked to your checxking account
Term
checking account
Definition
you can write checks for regularly occuring bills
Term
insufficient funds
Definition
if you write a check for money that you dont have
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