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65 terms
| Question | Answer |
|---|---|
| adjusted gross income | tax term meaning gross income less adjustment |
| budgets | future spending goals |
| cash payments record | a written record of money paid out |
| cash receipts record | a written record of money received |
| deductions | subtractions from gross pay |
| earned income | money received from working such as wages, salaries and tips |
| employee | a person who works for others |
| exemption | an amount of income that is free from tax |
| flat tax | a tax rate that stays the same for every person regardless of the amount of income they earn in a year |
| grand total | the combined total on columnar table used to check accuracy of vertical and horizontal addition |
| gross income | total income in a year in wages, salaries commission, bonuses, tips, dividends, prizes, pensions, sale of stock, and profit from a business |
| job expenses | money paid out of total job benefits for thing such as travel, dues, and tool. |
| net job benefits | the total value of the benefits received from a job less job expenses. |
| net pay | the remaining pay after deductions have been subtracted from total or gross wages, take- home pay. |
| standard deduction | a fixed amount that can be deducted from taxable income used in placed of itemized deductions |
| taxable income | the amount used to figure income tax with tax-rate schedule |
| unearned income | money received from interest and dividends |
| withholding allowance | an allowance for a parson used to reduce the amount of tax withheld from pay |
| withholding tax | deduction from pay for income tax |
| average | a single number used to represent a group of numbers |
| commission | a payment amount to a salesperson that may be an amount for each item sold or it may be a percent of the dollar value of sales |
| double time pay | pay that is twice the regular pay |
| graduated commission | a pay system in which the rate of commission increases as the base increases |
| gross pay | the total amount that an employee is paid |
| hourly rate | an amount of pay for each hour worked |
| overtime | time worked beyond the regular working day or week |
| piece rate | a wage system in which workers are paid by the number of pieces produced |
| per diem | an employee who is needed and paid by the day |
| quota | a fixed amount of sales above which commission is paid |
| salary | how much you are paid |
| straight commission | a pay system in which commission is the only pay; there is no other wage or salary |
| time and a half | a pay that is one and a half times the regular pay rate |
| tip | amount of money given to someone for services they provide |
| atm | a computer system that lets you withdraw or deposit money in your bank account without a tellers help |
| balance | the amount of money in an account; the diff. between the two sides of an account |
| bank statement | a monthly report to a depositor showing deposits, payments, and balance in a banking account |
| certificate of deposit | a time or saving certificate |
| check register | a record of deposits and checks |
| compound amount | the total in a savings account at the end of an interest period after compound interest is added |
| compound interest | the difference between the original principal and the compound amount; interest after it has been added to principal |
| deposit slip | a form used to list all money deposited in a bank |
| direct deposit | transferring funds by a company directly into their employee’s bank accounts without writing any checks |
| debit card | a card that lets you pay for purchases using a terminal in a store |
| eft | when funds are withdrawn from one account and deposited into another using computer |
| interest | money paid to an individual or institution for the privilege of using their money |
| maturity date | the date that marks the end of the term of a loan. When money must be repaid |
| online banking | an electronic banking service that allows you to do your banking by using your personal computer and the internet |
| outstanding checks | a check issued but not yet received and paid by the bank |
| reconciliation form | a form showing how the checkbook and bank statement balances are made to agree |
| service charge | bank charge or deductions for handling a checking account |
| term of discount | the time during which a bank holds a discounted note |
| transaction | a deposit or withdrawal that’s has to be recorded |
| adjusted balance method | the difference between payments and credits during a month from the balance at the end of the previous month |
| annual percent rate | a percent that shows the ratio of finance charges to the amount financed |
| average daily balance method | the periodic rate applied to the average daily balance in the account during the billing period |
| bank discount | interest collected in advance |
| cash advance | the cash received when money is borrowed on a credit card |
| down payment | the part of a price hat is paid at the time of buying on the installment plan |
| exact interest method | interest based on exact time and a 365-day yr. |
| finance charge | the sum of the interest and other charges on an installment loan or purchase |
| interest | money paid to an individual or institution for privilege of using their money |
| periodic rate | a daily or monthly rate found by dividing the apr by 365 or 12 |
| previous balance method | charges interest on the balance in the account on the last billing date of the previous month |
| principal | the one for whom an agent acts; the face of a note; the amount on which interest is paid |
| rate of interest | interest shown as a percent |
| time | for a note, the length of time for which one and a half times the regular pay rate |
Created by:
tdodson
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