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Gross Pay

Pay earned before taxes deducted


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


a plan for making and spending money

Variable Expenses

Expenses that vary in cost

Fixed Expenses

Expenses that remain the same


% of earning for sales

Minimum Wage

the lowest wage that an employer is allowed to pay


set income per year


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


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


a part time loan to pay


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

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