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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 employees 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 employees 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.
Money Management Key Terms. Money Management Paycheck Key Terms.
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