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TVS Finance Unit 1

Intro to Finance Unit 1

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