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Chapter 28 - Terms

Chapter 28 - Definitions/Review: Financial litteracy

TermDefinition
Money Management process of planning how to get the most from your income
Budget plan for using your income in a way that best meets your wants and needs
Income money you earn
Gross Pay Total amount of money you earn
Deductions takes away from what you earn
Net Pay Amount you take home after expenses
Expenditures money you spent
Fixed Expenses Expenses that must be paid regularly
Variable Expenses Expenses that change and you have some control over
What is the difference between gross pay and net pay? NET PAY + DEDUCTIONS = GROSS PAY however GROSS PAY - DEDUCTIONS= NET PAY (the amount you actually take home)
examples of deductions -gas bill - cable bill -rent/mortgage
What types of taxes are often withheld from a paycheck? -state tax -federal tax
examples of variable expenses. -groceries -gas -dining out
Why is it important to save part of your income on a regular basis? You have something to fall back on.
Created by: user-1872418
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