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Money Management
8th grade
| Term | Definition |
|---|---|
| Deposit Slips | A form the bank provides to use when making a deposit. |
| overdraft | Occurs when money is withdrawn from a bank account and the available balance goes below zero. |
| open endorsement | Simplest endorsement, consisting of only the holder's signature. |
| restricted endorsement | In addition to holder's signature, includes a restriction on how the paper may be used by transferee. Most common wording is "For Deposit Only." |
| Gross Income | An individual's total personal income before taking taxes or deductions into account. |
| Net Income | Total earnings or profits. |
| Open Endorsement | Only requires the carriers signature. |
| Joint Bank Accounts | A bank account shared by two or more individuals |
| Fixed Expenses | Are expenses that never change. They stay the same each month. |
| Variable Expenses | Expenses that may change from month to month but are necessary for everyday living. |
| Flexible Expenses | Expenses that can be altered or may change month to month. They are expenses that are not necessary for everyday living. |
| Restricted Endorsement | An endorsement signed on the back of a check, which restricts to whom the paper may be transferred to. Example: "for deposit only." |
| Budget | A spending plan that you decide upon. |
Created by:
eflamman
Popular Family and Consumer sets