Money Management Key Terms. Money Management Paycheck Key Terms.
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Transcript of Money Management Key Terms. Money Management Paycheck Key Terms.
![Page 1: Money Management Key Terms. Money Management Paycheck Key Terms.](https://reader035.fdocuments.net/reader035/viewer/2022062511/5519f986550346634a8b45a4/html5/thumbnails/1.jpg)
Money ManagementMoney Management
Key Terms
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Money ManagementMoney Management
Paycheck Key Terms
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Income
• Money that you get; usually from a job
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Deduction
• An amount of money taken from an employee’s gross pay for taxes, insurance, social security, or other benefits
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Income Tax
• The part of earnings that people must legally give to the government to pay for government services
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Check Stub
• The part of the paycheck that lists deductions from salary
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Gross Pay
• The total amount of an employee’s earnings before deductions are taken out
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Net Pay
• The amount of a paycheck after deductions are taken out (sometimes referred to as take home pay)
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Money ManagementMoney Management
Budgeting Key Terms
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Expenses
• Things you pay for each month with your income (Example: food, clothing)
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Fixed Expenses
• Expenses that are the same each month (Example: rent)
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Variable Expenses
• Expenses that are not the same each month, they fluctuate (Example: clothing)
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Money ManagementMoney Management
Checking Key Terms
![Page 14: Money Management Key Terms. Money Management Paycheck Key Terms.](https://reader035.fdocuments.net/reader035/viewer/2022062511/5519f986550346634a8b45a4/html5/thumbnails/14.jpg)
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.
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Check
• A written order directing the bank to pay money as instructed by you to take money out of your account
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Endorse
• To sign the back of a check before cashing
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Ledger/Check Register
• Your record of your account
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Balance
• Money available in your account
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Bounced/Bad
• A check written for more than the amount in your account
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Deposit
• A written order directing the bank to put money into your account
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Withdraw
• When you take money out of your savings or checking account
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ATM
• Automated Teller Machine; acts as a bank teller usually open 24 hours
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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
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Credit Card
• A plastic card allowing you to purchase merchandise with future money
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Savings Account
• A bank account that you deposit money into. Interest is earned on the money that is in the account.