Personal Finance Digital Flashcards
(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.
Minimum wage
The lowest wage paid or permitted to be paid.
Overtime
Time in excess of a set limit: such as. the wage paid for overtime.
ATM/Debit Card
A card like a credit card by which money may be withdrawn or the cost of purchases paid directly from the holder’s bank account without the payment of interest.
Credit/Credit Card
The balance in a person’s favor in an account.
Credit Limit
The most money that a bank or business will allow a person to borrow.
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 money you owe.
Principal
Most important, consequential, or influential : CHIEF.
Interest
A charge for borrowed money generally a percentage of the amount borrowed.
Debt
A state of being under obligation to pay or repay someone or something in return for something received : a state of owing.
Checking Account
A bank account against which the depositor can draw checks.
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)
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
A temporary and conditional pledge of property to a creditor as security for the repayment of a debt.
