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Managing Your Money
paychecks and budgets
| Term | Definition |
|---|---|
| Paycheck | a check from your employer for money earned on a job |
| Paycheck stub | a form attached to the check that lists pay total and deductions |
| Gross pay | total money earned before deductions |
| Deduction | money or fees taken out of your paycheck |
| Net pay | amount of pay you actually receive AFTER deductions |
| Cash a check | giving the check to your bank and getting the money |
| Endorse | sign the back of the check |
| Budget | a plan of how to use your money |
| Social Security | government run retirement savings plan |
| Retirement | years in your life when you are no longer working |
| Fixed Expenses | occur every month and do not change much (ie: Rent, mortgage, car payment) |
| Periodic Expenses | occur less frequently than once a month (ie: car insurance, tuition,property taxes) |
| Variable Expenses | amount of payments change from one month to the next (ie: groceries, gas, utilities, vacations) |
| want | a product or service that is not essential |
| need | a product or service that is necessary and essential to live |
Created by:
dtavernier
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