Finnance Flashcards
Study (18 cards)
Salary
fixed compensation paid regularly for services
Gross income
all income derived from any source except for items specifically excluded by law
Net income
the balance of gross income remaining after all allowable deductions and exemptions are taken
ATM/Debit Card
a machine that lets bank customers perform basic transactions and A card used to make purchases at businesses with money in your checking account.
Minimum wage
the lowest wage paid or permitted to be paid
Overtime
working time in excess of a standard day or week
Credit/Credit Card
Borrowing money, or having the right to borrow money, to buy something. Usually it means you’re using a credit card, but it might also mean that you got a loan
Credit Limit
A limit set by the credit card company on how much you can charge on the card it issued to you. You can use your credit card to make purchases up to your credit limit.
Credit Rating
a score or grade that a company or organization gives to a possible borrower and that indicates how likely the borrower is to repay a loan
Account Balance
How much money you have in an account or how much you owe
Principal
a comprehensive and fundamental law, doctrine, or assumption
Interest
a charge for borrowed money generally a percentage of the amount borrowed
Debt
Something Owed
Checking Account
a bank account against which the depositor can draw checks
Savings Account
paid and from which withdrawals can be made usually only by presentation of a passbook or by written authorization on a prescribed form
401(k)
a retirement account to which employee and employer contribute, on which taxes are deferred until withdrawal, and for which the employee usually selects the types of investments
APR
Annual Percentage Rate
Mortgage
Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.
