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