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Chap. 20 Financial M
Financial Management
| Term | Definition |
|---|---|
| Wants | Something unnecessary but desired. |
| Deductions | Part of earnings that are deducted(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 deductons |
| 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 on which a person must pay taxes |
| Basic Checking Account | A checking account in which you are charged a fee for every check you write and/or a monthly 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 amount 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-bearing 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 checking 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. |
| Restrictive endorsement | An endorsement that states what is to be done with the check. Common restrictive endorsements include: "For deposit only" and a signature or "Pay to the order of," the name of the party to receive 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, usally monthly. It also may include canceled checks |
| Automated Teller Machine (ATM) | A type of electronic fund transfer where you can do banking without the assistance of a teller to obtain cash or make deposits, pay bills, or transfer funds from one account to another electronically |
| Debit Cards | Used like credit cards for purchases. Transfer money from a checking account to account of a store or service provider. Banks computer verifies whether theres enough money to cover purchase & the sum is deducted from checking account. |
| Smart Cards | A type of debit card in which a computer chip is placed. This chip stores personal information about the cardholder. The cardholder must have money in an account to use the card. As the card is used, money is transferred from the users 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 points 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 includeing 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 valuable part of the inventory to help prove ownership. |
| 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 areirreplaceable or difficult and costly to replace should be kept in a safe deposit box. |
| Budget | A spending plan |
| Income | All the money you receive from salaries or wages, money gifts, tips, allowances, and interest earned on a savings account. It may also include dividends or stocks, income from securities, or income from rental property. |
| 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 expenses are flexible expenses. |
| Fixed expenses | Expenses that occur regularly and stay that same or nearly the same. Rent or house payments, loan payments, insurance, or property taxes are examples of fixed expenses |
Created by:
spuchalski1997
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