paycheck and banking ND vocab
About this set
Created by:
lowreya on October 20, 2011
Subjects:
finance, personal finance, economics
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30 terms
Terms | 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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