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Money Management. Key Terms. Money Management. Paycheck Key Terms. Income. Money that you get; usually from a job. Deduction. An amount of money taken from an employee’s gross pay for taxes, insurance, social security, or other benefits. Income Tax.
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Money Management Key Terms
Money Management Paycheck Key Terms
Income • Money that you get; usually from a job
Deduction • An amount of money taken from an employee’s gross pay for taxes, insurance, social security, or other benefits
Income Tax • The part of earnings that people must legally give to the government to pay for government services
Check Stub • The part of the paycheck that lists deductions from salary
Gross Pay • The total amount of an employee’s earnings before deductions are taken out
Net Pay • The amount of a paycheck after deductions are taken out (sometimes referred to as take home pay)
Money Management Budgeting Key Terms
Expenses • Things you pay for each month with your income (Example: food, clothing)
Fixed Expenses • Expenses that are the same each month (Example: rent)
Variable Expenses • Expenses that are not the same each month, they fluctuate (Example: clothing)
Money Management Checking Key Terms
Checking Account • A bank account that you use with checks and/or debit card. Money is taken out of this account when you write a check or use your debit card.
Check • A written order directing the bank to pay money as instructed by you to take money out of your account
Endorse • To sign the back of a check before cashing
Ledger/Check Register • Your record of your account
Balance • Money available in your account
Bounced/Bad • A check written for more than the amount in your account
Deposit • A written order directing the bank to put money into your account
Withdraw • When you take money out of your savings or checking account
ATM • Automated Teller Machine; acts as a bank teller usually open 24 hours
Debit Card • Plastic card with a magnetic strip that accesses your account when the proper PIN number is given. Money is taken directly out of your account
Credit Card • A plastic card allowing you to purchase merchandise with future money
Savings Account • A bank account that you deposit money into. Interest is earned on the money that is in the account.