Arkansas Intro to finance Unit 1 vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Adjusted gross income | the result of adjustments subtracted from gross income
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| Assets | items of value that a person owns
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| Benefits | company-provided supplements to salaries, such as sick pay, vacation time, and health insurance
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| Budget | a spending and saving plan based on your expected income and expenses
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| Canceled check | a check that bears the bank's stamp, indicating it has cleared
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| Check | a written order to a bank to pay the stated amount to the person or business (payee) named on it
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| Checkbook register | a booklet used to record checking account transactions
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| Deductions | amounts subtracted from gross pay
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| Disposable income | the money left to spend or save after taxes have been paid
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| Endorsement | a written amendment to an insurance policy
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| Exemption | an amount you may subtract from your income for each person who depends on your income to live
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| Financial plan | a set of goals for spending, saving, and investing the money you earn
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| Fixed expenses | costs you are obligated to pay at specific times, regardless of other events
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| Gross income | all taxable income received, including wages, tips, salaries, interest, dividends, unemployment compensation, alimony, and so forth
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| Gross pay | the total amount you earn before any deductions are subtracted
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| Incentive pay | money offered to encourage employees to strive for higher levels of performance
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| Liabilities | amounts of money owed to others
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| Net pay | the amount left after all deductions have been taken out of your gross pay
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| Overdraft | a check written for more money than your account contains
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| Overtime | the time worked beyond the regular hours; usually more than 40 hours in a five-day period
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| Reconciliation | the process of matching your checkbook register with the bank statement
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| Revenue | money collected by the government from residents and businesses in the form of taxes
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| Standard deduction | a stated amount that you may subtract from adjusted gross income instead of itemizing your deductions
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| Taxable income | the income on which you pay tax
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| Tax brackets | income ranges to which tax rates apply
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| Tax credit | an amount subtracted directly from the tax owed
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| Tax evasion | willful failure to pay taxes
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| Variable expense | costs that vary in amount and type, depending on events and the choices you make
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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