Personal Finance Flashcards
(16 cards)
Definition Of Salary
Salary is a fixed compensation paid regularly for services.
Definition Of Gross Income
Gross income is all income derived from any source except for items specifically excluded by law.
Definition Of Net Income
Net income is the balance of gross income remaining after all allowable deductions and exemptions are taken.
Definition Of Minimum Wage
Minimum wage the lowest wage paid or permitted to be paid.
What is overtime?
Overtime is time in excess of a set limit: such as, working time in excess of a standard day or week, an extra period of play in a contest, the wage paid for overtime. (always optional)
What is a Credit Card
A credit card is a card authorizing purchases on credit.
What is a ATM/Debit Card
An ATM/Debit card is a card like a credit card by which money may be withdrawn or the cost of purchases paid directly from the holder’s bank account without the payment of interest.
What is Credit Rating
Credit Rating is 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.
What is Account Balance
Account balance is How much money you have in an account or how much you owe.
Principal meaning
most important, consequential, or influential.
What is Interest
Interest is a feeling that accompanies or causes special attention to something or someone.
Debt is..
something owed.
What is a savings account
an account (as in a bank) on which interest is usually 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) is..
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 stands for
annual percentage rate.
What is Mortgage
a conveyance (see CONVEYANCE sense 2a) of or lien against property (as for securing a loan) that becomes void upon payment or
