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CIV M8L1 Key Terms

Civics Module 8 Lesson 1 Key Terms

TermDefinition
Mortgage A payment on a loan from the bank that was used to buy a house.
Rent A payment to the owner of a property in order to live there.
Finance The management of large sums of money.
Taxes Fees that the government requires people to pay in order to live and work in their state and the U.S.
Gross Pay The amount of money earned during a pay period before deductions.
Net Pay Also known as "take-home pay," is the amount of money remaining after the total deductions have been subtracted from the gross pay in the pay period.
Fixed Expenses Expenses that are the same each time they are paid and are paid at least once a month.
Social Security An income program that helps older Americans.
Variable Expenses Expenses that are paid at least once each month but are based on usage or amounts and are different each time.
Created by: dmcsorley13
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