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Final exam D:.

Canceled Check

A cashed check. May serve as proof of purchase.

Budget

Planning how you will use your money.

Income

Money you earn.

Net Pay

Money you earn after tax deductions.

Alimony

A divorced person has to pay for his spouse.

Voluntary Compliance

Taxpayers must report their income and deductions honestly.

Expenditures

Expenses

savings

Money you put in for later use.

Budget Variance

Difference between how much you plan to spend and how much you actually spent.

Gross Pay

Amount of money you're initially supposed to earn, before any deductions.

Variable Expenses

Expenses on items that vary in quantity/price.

Withdraw

Take money out.

Joint Account

A bank account share by two or more individuals.

Signature Card

A card that must be signed by someone when opening an account, it will be used for future to confirm your identity.

IRS Audit

Verification of someone's tax return, to verify if it's accurate.

W4 Form

Form that indicates the individual's tax situation, tells the employer how much money in taxes to withdraw from his/her paycheck.

Overdraft Protection

Protects you when withdrawals from a bank account exceed the current balance, covers it for the individual.

Debit Card

A card that allows people to use to pay fast, the money is immediately transferred.

Payee

The person who receives the payment.

Endorsement

The signing of a document that allows for the legal transfer of a negotiable from one party.

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