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20 terms

Money Management terms

Final exam D:.
STUDY
PLAY
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.