Chapter 2- Personal Finance
Order by
15 terms
Terms | Definitions |
|---|---|
 Spending Plan | A plan for managing your money during a given period of time. AKA budget |
| Cash Flow | The money you have coming in and going out. |
| Income | Any money you receive. |
| Federal Income Tax | A fee collected by the federal government to support its programs. |
| State Income Tax | Collected by every employer on behalf of its employees, and then sent to the state revenue department. |
| Social Security Tax | Provides a small income and other services to the elderly, disabled, and orphaned minors. |
| Gross Income | Total amount of income from your wages or before any payroll deductions. |
| Net Income | "take home pay" -The amount you will be able to deposite. |
| Expenses | What you spend money on |
| Fixed Expenses | Cost the same amount every time. |
| Variable Expenses | Fluctuate in amount -usually have more control over how much they will be. |
| Periodic or Occasional Expenses | Ones you don't pay every month. |
| PYF | Pay yourself first. -Set aside a certain amount of money each time. |
| Medicare Tax | Provides medical insurance to the elderly, and some disabled Americans. |
| FICA | t(FICA) Tax levied on employers and employees to support Social Security and Medicare |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.