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Chapter 20 Vocab.
Independent Living Vocabulary
| Term | Definition |
|---|---|
| wants | something unnecessary but desired |
| deductions | part of earnings that are deducted by an employer for tax payments and other expenses. |
| paycheck stub | attached to a paycheck, it lists the total amount of money earned as will as deductions |
| gross pay | the total amount ear4ned for a pay period before any deductions are substracted 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 cgarge. |
| 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. |
| interest-bearing checking account | a checking a ount in which you earn interest and are allowed to write checks on the same account. This is a savings and checking account. |
| blank endorsement | an endorsement that requires a signature. |
| restrictive enforsement | an endorsement that states what is to be done with the check. |
| bank statement | a record of the checks, deposits, and charges on a bank account for a specific length of time, usually monthly. It also may include canceled checks. |
| automate teller machine | a type of electronic transfer where you can do banking without the assistance of a teller ot oobtain cash or make deposits, pay bills, or transfer funds fron one account to another electronically, |
| debit cards | used lide credit cards in making purchases. |
| smart card | a type of debit card in which a computer chip is placed. This chip stores personal information about the cardholder. |
| preauthorized transfers | a method ot 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. |
| 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 record | records that include real estate records, household inventory, and records of ownership. |
| household inventory | a list of personal property including house hold furniture, furnishings, and equipment. |
| 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. |
| 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 |
| fixed expenses | expenses that occur regularly and stay the same or nearly the same. |
| flexible expenses | expenses that vary both in amount and frequency of occurence. |
Created by:
smapp1961
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