money management key terms. money management paycheck key terms
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Money ManagementMoney Management
Key Terms
Money ManagementMoney Management
Paycheck Key Terms
Income
• Money that you get; usually from a job
Deduction
• An amount of money taken from an employee’s gross pay for taxes, insurance, social security, or other benefits
Income Tax
• The part of earnings that people must legally give to the government to pay for government services
Check Stub
• The part of the paycheck that lists deductions from salary
Gross Pay
• The total amount of an employee’s earnings before deductions are taken out
Net Pay
• The amount of a paycheck after deductions are taken out (sometimes referred to as take home pay)
Money ManagementMoney Management
Budgeting Key Terms
Expenses
• Things you pay for each month with your income (Example: food, clothing)
Fixed Expenses
• Expenses that are the same each month (Example: rent)
Variable Expenses
• Expenses that are not the same each month, they fluctuate (Example: clothing)
Money ManagementMoney Management
Checking Key Terms
Checking Account
• A bank account that you use with checks and/or debit card. Money is taken out of this account when you write a check or use your debit card.
Check
• A written order directing the bank to pay money as instructed by you to take money out of your account
Endorse
• To sign the back of a check before cashing
Ledger/Check Register
• Your record of your account
Balance
• Money available in your account
Bounced/Bad
• A check written for more than the amount in your account
Deposit
• A written order directing the bank to put money into your account
Withdraw
• When you take money out of your savings or checking account
ATM
• Automated Teller Machine; acts as a bank teller usually open 24 hours
Debit Card
• Plastic card with a magnetic strip that accesses your account when the proper PIN number is given. Money is taken directly out of your account
Credit Card
• A plastic card allowing you to purchase merchandise with future money
Savings Account
• A bank account that you deposit money into. Interest is earned on the money that is in the account.