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29 terms

Money Management

STUDY
PLAY
Gross Pay
Pay earned before taxes deducted
Deductions
amounts subtracted from gross pay
Net Pay
earnings after deductions and taxes
4 Steps to Money Managment
Values, goals, budget, wise buying
Direct Deposit
An automatic deposit of a paycheck without having to take a physical check to the bank.
Taxable Income
the income on which you pay tax
Budget
a plan for making and spending money
Variable Expenses
Expenses that vary in cost
Fixed Expenses
Expenses that remain the same
Commission
% of earning for sales
Minimum Wage
the lowest wage that an employer is allowed to pay
Salary
set income per year
Overtime
work done in addition to regular working hours
4 ways to get out of Debt
1. Track Spending
2. Calculate debt
3. Play Credit card game
4. Stop spending
How to find net income
multiply income by %, then subtract, and divide
3C's of Credit
Character, capacity, and capital
Values
Material, social, and moral
Truth in Lending Act 1969
Requires full written disclosure about interest rates
Fair Credit Billing Act 1975
once a billing date has been established the billing date must stay within 5 days
Equal Credit Opportunity Act 1975
prohibits discrimination in granting of credit
Credit
a part time loan to pay
Creditor
a person to whom money is owed
Secured Credit
credit that is backed by a pledge of property
Unsecured Credit
credit not backed by property
Closed End Credit
credit as a one-time loan
Open End Credit
Continuous credit for multiple uses
Credit Report
a detailed record of your personal credit
Ch 7 Bankruptcy
everything is sold to pay debt
Ch 13 Bankruptcy
Personalized payment of debt program