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Arkansas Intro to finance Unit 1 vocab

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Adjusted gross income   the result of adjustments subtracted from gross income  
Assets   items of value that a person owns  
Benefits   company-provided supplements to salaries, such as sick pay, vacation time, and health insurance  
Budget   a spending and saving plan based on your expected income and expenses  
Canceled check   a check that bears the bank's stamp, indicating it has cleared  
Check   a written order to a bank to pay the stated amount to the person or business (payee) named on it  
Checkbook register   a booklet used to record checking account transactions  
Deductions   amounts subtracted from gross pay  
Disposable income   the money left to spend or save after taxes have been paid  
Endorsement   a written amendment to an insurance policy  
Exemption   an amount you may subtract from your income for each person who depends on your income to live  
Financial plan   a set of goals for spending, saving, and investing the money you earn  
Fixed expenses   costs you are obligated to pay at specific times, regardless of other events  
Gross income   all taxable income received, including wages, tips, salaries, interest, dividends, unemployment compensation, alimony, and so forth  
Gross pay   the total amount you earn before any deductions are subtracted  
Incentive pay   money offered to encourage employees to strive for higher levels of performance  
Liabilities   amounts of money owed to others  
Net pay   the amount left after all deductions have been taken out of your gross pay  
Overdraft   a check written for more money than your account contains  
Overtime   the time worked beyond the regular hours; usually more than 40 hours in a five-day period  
Reconciliation   the process of matching your checkbook register with the bank statement  
Revenue   money collected by the government from residents and businesses in the form of taxes  
Standard deduction   a stated amount that you may subtract from adjusted gross income instead of itemizing your deductions  
Taxable income   the income on which you pay tax  
Tax brackets   income ranges to which tax rates apply  
Tax credit   an amount subtracted directly from the tax owed  
Tax evasion   willful failure to pay taxes  
Variable expense   costs that vary in amount and type, depending on events and the choices you make  


   





 
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