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AR Unit 1

Arkansas Intro to finance Unit 1 vocab

Adjusted gross income the result of adjustments subtracted from gross income
Assets items of value that a person owns
Benefits company-provided supplements to salaries, such as sick pay, vacation time, and health insurance
Budget a spending and saving plan based on your expected income and expenses
Canceled check a check that bears the bank's stamp, indicating it has cleared
Check a written order to a bank to pay the stated amount to the person or business (payee) named on it
Checkbook register a booklet used to record checking account transactions
Deductions amounts subtracted from gross pay
Disposable income the money left to spend or save after taxes have been paid
Endorsement a written amendment to an insurance policy
Exemption an amount you may subtract from your income for each person who depends on your income to live
Financial plan a set of goals for spending, saving, and investing the money you earn
Fixed expenses costs you are obligated to pay at specific times, regardless of other events
Gross income all taxable income received, including wages, tips, salaries, interest, dividends, unemployment compensation, alimony, and so forth
Gross pay the total amount you earn before any deductions are subtracted
Incentive pay money offered to encourage employees to strive for higher levels of performance
Liabilities amounts of money owed to others
Net pay the amount left after all deductions have been taken out of your gross pay
Overdraft a check written for more money than your account contains
Overtime the time worked beyond the regular hours; usually more than 40 hours in a five-day period
Reconciliation the process of matching your checkbook register with the bank statement
Revenue money collected by the government from residents and businesses in the form of taxes
Standard deduction a stated amount that you may subtract from adjusted gross income instead of itemizing your deductions
Taxable income the income on which you pay tax
Tax brackets income ranges to which tax rates apply
Tax credit an amount subtracted directly from the tax owed
Tax evasion willful failure to pay taxes
Variable expense costs that vary in amount and type, depending on events and the choices you make
Created by: karenhaley