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OGT Math - Week 2 vocabulary

Vocab WordDefinition
Annual Once a year
Biannual Twice a year
Quarterly Four times a year
Semiannual More than one time a year
Down payment The first cash installment made on a purchase.
Finance Charge A charge connected to buying on credit
Gross Pay The amount of pay earned before deductions
Interest A charge for borrowing money on time based on a percent
List price The original price of an item.
Loan principal The amount owed on a loan.
Net pay The amount of pay earned after deductions
Overtime hours Hours worked over 40 in a week
Overtime rate The rate of pay for overtime hours, usually time and a half.
Payroll deductions Taxes, FICA, Social security, etc.
Profit The amount of money earned on the sale of a product after deducting expenses
Reciprocal Two numbers with a product of one
Sale price The cost of an item after a discount is taken.
Service charge Uh, let me look this one up.
Created by: lmccherv