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Chap. 20 F. M.
| Term | Definition |
|---|---|
| wants | Something unnecessary but desired. |
| Deductions | Parts of earnings that are deductied (subtracted) by an employer for tax payments and other expenses. |
| Paycheck stub | Attached to a paycheck, it lists the total amount of money earned as well as deductions. |
| gross pay | The total amount earned for a pay period before any deductions are subtracted from a paycheck. |
| net pay | The gross pay minus the deductions. |
| exemption | Reduces the amount of income which a person must pay taxes. |
| basic checking account | A checking account in which you are charged a fee for every check you write/ or a monthy service charge. You are not required to keep a minimum balance. |
| minimum-balance checking account | A checking account in which you are required to keep a minimum of money in the account at all times to avoid paying a service charge. If your account falls below the minimum, there is a charge. |
| interest-baring checking account | A checking account in which you earn interest and are allowed to write checks on the same account. This is a savings and cheking account. There is usually a minimum balance requirement. |
| Blank endorsement | An endorsement that requires a signature. A check with this type of endorsement can be cashed by anyone who holds it. |
| restictive endorsement | An endorsement that states what is to be done with the check. Common restrictive endorsements include: "For depoist only" and a signature or "Pay to the order of," the name of the party to recieve the check, and a signature. |
| bank statement | A record of the checks, deposits, and charges on a bank account for a specific length of time, usually monthly. It also may include canceled checks. |
| automated teller machine (ATM) | You can do your banking without the assistance of a teller to obtain the cash or make deposits, pay bills, or transfer funds from one account to another electronically. |
| debit cards | They transfer money from a checking account to the account of a store or service provider. The bank's computer verifies whether there is enough money to cover the purchase and the sum is deducted from the checking account immediately. |
| smart card | A type of debit card in which a computer chip is placed. This chip stores personal information about the cardholder. The card holder must have money in the account, if so then the money is automatically transfered from the user's account. |
| preauthorized transfers | A method of automatically depositing or withdrawing funds from a person's account when the account holder authorizes the bank or a third party to do so. |
| telephone transfers | Used by consumers to transfer funds from one account to another. They can also be used to order payment of specific bills by phone. |
| Electronic Funds Transfer Act | Legislation that functions to protect and inform the consumer. The act pointsw out that if you use an ATM of a debit card, you can get a receipt showing the amount of the transfer, the date it was made, and other information. |
| Financial records | Records that show how money is spent, such as cash flow records, bank records, evidence of debt, savings and investment records, insurance records, and tax records. |
| property records | Records that include real estate records, household inventory, and records of ownership. They can prove ownership, indicate monetary value of possessions, and help determine insurance needs. |
| household inventory | A list of personal property including househoold furniture, furnishings, and equipment. For each item, the date of purchase and the purchase price or appraised value are included. Photos or videos can be a way to help prove ownership and value claims. |
| personal records | Records that include personal documents, health records, education records, and employment records. |
| safe deposit box | A rented metal box in a fireproof vault, usually at a bank. Records that are irreplaceable or difficult and costly to replace should be kept in a safe deposit box. |
| budget | A spending plan. |
| income | All the money you recieve from salaries and wages, moneygifts, tips, allowances, and interest earned on a savings account. It may also include dividends or stocks, income from securities, or income from rental property. |
| fixed expenses | Expenses that occur regularly and stay the same or nearly the same. Rent or house payments, loan payments, insurance. or property taxes are examples of fixed expenses. |
| flexible expenses | Expenses that vary both in amount and frequency of occurrence. Items such as food, clothing, utilities, transportation, medical care, personal expenses, and recreational expences are flexible expenses. |
Created by:
hcherrix1997
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