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Financial Literacy

QuestionAnswer
Social Security A federal government program that provides benefits for retired and disabled people.
IRA Individual retirement account
Medicare A federal health insurance program that provides medical benefits for people 65 years or older as well as certain individuals with disabilities.
Net pay Take-home pay
Gross pay Total pay
Paycheck A check issued to an employee in payment of salary or wages.
Bank Statement A report from your bank to show how much money is in your account.
Withhold To take out (as in money from a paycheck.)
Interest rate Rate at which banks pays depositors for use of their money.
Budget A plan for saving and spending money.
401(k) Plan A type of retirement plan in which an employee contributes a specific portion of his or her salary to the plan each year.
Taxes Money that individuals must pay to the government to support government services.
Income tax Tax paid to the government on income earned.
Insurance Protection against accidents and financial losses
Investing Using money to purchase a financial product with the expectation of gaining.
Income The amount of money a person receives or earns regularly.
Created by: michael04
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