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Money Management Key Terms. Money Management Paycheck Key Terms.

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Presentation on theme: "Money Management Key Terms. Money Management Paycheck Key Terms."— Presentation transcript:

1 Money Management Key Terms

2 Money Management Paycheck Key Terms

3 Income Money that you get; usually from a job

4 Deduction An amount of money taken from an employees gross pay for taxes, insurance, social security, or other benefits

5 Income Tax The part of earnings that people must legally give to the government to pay for government services

6 Check Stub The part of the paycheck that lists deductions from salary

7 Gross Pay The total amount of an employees earnings before deductions are taken out

8 Net Pay The amount of a paycheck after deductions are taken out (sometimes referred to as take home pay)

9 Money Management Budgeting Key Terms

10 Expenses Things you pay for each month with your income (Example: food, clothing)

11 Fixed Expenses Expenses that are the same each month (Example: rent)

12 Variable Expenses Expenses that are not the same each month, they fluctuate (Example: clothing)

13 Money Management Checking Key Terms

14 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.

15 Check A written order directing the bank to pay money as instructed by you to take money out of your account

16 Endorse To sign the back of a check before cashing

17 Ledger/Check Register Your record of your account

18 Balance Money available in your account

19 Bounced/Bad A check written for more than the amount in your account

20 Deposit A written order directing the bank to put money into your account

21 Withdraw When you take money out of your savings or checking account

22 ATM Automated Teller Machine; acts as a bank teller usually open 24 hours

23 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

24 Credit Card A plastic card allowing you to purchase merchandise with future money

25 Savings Account A bank account that you deposit money into. Interest is earned on the money that is in the account.


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