## paycheck and banking ND vocab

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lowreya  on October 20, 2011

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# paycheck and banking ND vocab

 Hourly payHow much a person earns per hour worked.
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#### Definitions

Hourly pay How much a person earns per hour worked.
Gross Pay the total amount of an employee's earnings before deductions are taken out
Deduction amount of money taken from an employee's gross pay for taxes, insurance, Social Security, and other benefits
Net Pay the total earnings paid to an employee after payroll taxes and other deductions
Fred worked from 8:00 am to 5:00 pm, 5 days a week and 10 hrs. on Saturday. How many hours did he work this week? 55 hours (9 x 5) + 10 = 55
Jane worked 4 hours a day, 4 days a week. How many hours does she work in 1 week? 16 hours
What is Helen's gross pay when she works 24 hours each week at \$7.25 per hour? \$174.00 (24 x \$7.25)
Ben works 8 hours Mon. - Friday at \$7.50, and gets time and a half for working 6 hours on Sat. What is his gross pay? \$367.50 (8 hr x 5) x \$7.50 = \$300
6x(7.50 + 3.75) = \$67.50
\$300 + \$67.50 = \$367.50
If gross pay is \$ 254.30 and deductions equal 55.67, what is the net pay? \$198.63 (\$254.30 - \$55.67)
FICA Federal Insurance Contributions Act; tax levied on employers and employees to support Social Security and Medicare
Check An order to pay money from your checkig accout to a person or company.
Deposit Puttng money into a bank account.
Deposit slip A paper you fill out which tells you how much money (cash or checks) you are depositing.
Signature The way you sign your name. This is a required part of writing a check or using a credit card.
Checkbook ledger A record of checks and deposits made to a checking account.
Balance The amount of money in an account.
Budget a plan for spending money
Withdrawal Money taken out of a checking or savings account.
Passbook A book for keeping a record of deposits and withdrawals and the balance in a savings account.
Interest Money the bank pays you for keeping your money in a savings account, or other interest bearing account like a money market, or some checking accounts.
Receipt A bank paper that records how much money you deposited or withdrew from an account.
Account Number The number stamped on your passbook or is at the bottom of your checks, that identify your account.
Wyatt saves \$20 from each of his 3 aunts for his birthday, plus \$300 he makes mowing yards all summer. If he earned 1.5% interest, how much would he have after 1 year? \$365.40 (\$20 x 3) + \$300 = \$360 x .015 = \$5.40
\$360 + \$5.40 = \$365.40
Moe needs \$350 to purchase a gaming system. He saves \$15 a week from his part time job. How long will it take for him to save enought money to make the purchase? 23.3 (24) weeks
Credit an arrangement to receive cash, goods, or services now and pay for them in the future
Down Payment A part of the total price of a purchase you pay right away. Also called a deposit.
Statement Monthly report or bill from a credit card company, bank, phone company, etc.
Unpaid Balance The amount of money you woe a credit card company or other service provider. Also called balance due.
Finance Charge Interest charged on the unpaid balance.
Minimum Payment The smallest amount of payment you are allowed to make toward the balance due on your statement.

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