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GI-NI-Bud. Vocab SG
Financial Lit
Term | Definition |
---|---|
hourly rate | a fixed amount of money for every hour that you work |
double time | an overtime pay rate |
straight-time pay | the total amount of money you earn during a pay period at your regular rate |
salary | a fixed amount of money that you earn on a regular basis |
commission | an amount of money you are paid for selling a product or service |
weekly time card | a daily record of when you report to work and when you leave |
piecework | when you are paid a specific amount of money for each item of work completed |
gross income | the total amount of money you earn during a pay period |
recordkeeping | a way to manage your money |
expenditures | the items you spend your money on |
budget sheet | a tool to record your expenses |
living expenses | routine expenses, including amounts for food, utility bills, and pocket expenses |
fixed expenses | regular expenses which do not vary from one month to the next |
annual expense | expenses that occur once a year |
expense summary | compares the amount you spend with your budget |
emergency fund | extra money set aside for unpredictable expenses |
exemption | withholding allowances, which allow for supporting yourself, your spouse, and others in your family who are your dependents |
federal income tax | money withheld by an employer from an employee's paycheck to pay federal government taxes |
group insurance | health insurance offered by many businesses to employees, paid in part by the business and in part by the employee |
medicare | a federal government program to provide medical insurance |
net pay | the amount of money left over after expenses have been deducted from gross profits |
social security | a federal government program to pay for retirement and disability benefits |
withholding allowance | the number of people an employee supports, which helps employers know how much money to withhold for federal income tax |