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Money Management Key Terms
Money Management Paycheck Key Terms
Money that you get; usually from a jobIncome 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
The part of the paycheck that lists deductions from salaryCheck 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)
Expenses that are the same each month (Example: rent)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
To sign the back of a check before cashingEndorse To sign the back of a check before cashing
Ledger/Check RegisterYour record of your account
Money available in your accountBalance Money available in your account
A check written for more than the amount in your accountBounced/Bad A check written for more than the amount in your account
A written order directing the bank to put money into your accountDeposit A written order directing the bank to put money into your account
When you take money out of your savings or checking accountWithdraw When you take money out of your savings or checking account
Automated Teller Machine; acts as a bank teller usually open 24 hoursATM 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
A plastic card allowing you to purchase merchandise with future moneyCredit 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.
Copyright, 1996 © Dale Carnegie & Associates, Inc. BANK ON IT Money Smart Course Indiana Department of Financial Institutions.
Chapter 23.1 Use your Money Wisely
Earning Money What is income and what are 3 possible sources? Income is money that you have available to you to spend 3 sources: babysitting,
PERSONAL FINANCE/BANKING CREDIT, BUDGET, AND CHECKING ACCOUNTS Chapters 25, 26, 28, 29.
Banking Basics. Getting the idea Banks have different types of accounts for your money. A bank account earns interest if the bank pays you an additional.
Bank On It Personal Finance Unit. Why Learn About Banking?
Personal Finance. Four common Financial Institutions Commercial banks Savings and loan associations (S&Ls) Credit Unions Brokerage Firms.
Banking products and operations. withdrawal A withdrawal in a bank / withdraw money = to take money out of a bank account.
Teen Living Objective Identify Sources of Income and Types of Spending.
Money Management Teen Living 10.01/ Don’t spend it 2.Make saving a habit Learn to Save $$
Credit Card vs. Debit Card. Debit Cards Also called “check cards” –Works just like writing a check Deducts money from your checking account.
Instructions for using this template. Remember this is Jeopardy, so where I have written “Answer” this is the prompt the students will see, and where.
2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Math BankingBudgetingInvesting Hodge.
CHECKING, SAVINGS, AND INVESTING MANAGING YOUR MONEY.
. WAGES Hourly pay Anything over 40 hours must be paid overtime (time and a half) SALARIES Annual pay Get paid the same regardless of how many.
Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Banking Services and Fees 9.
Payroll Liabilities and Tax Records
Unit 03: Financial Literacy Vocabulary. Available Balance The amount available in an account for a person, business, or organization to spend. How much.
Subtitle Making and Living Within a Budget. How should you spend your money? How do you spend your money?
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