personal finance flashcards.
(18 cards)
Salary
Fixed compensation paid regulary 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
working time in excess of a standard day or week
ATM/Debit Card
a computerized electronic machine that performs basic banking functions
Credit/Credit Card
an amount or sum placed at a person’s disposal by a bank
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
the amount of money available in a financial account
Principal
most important, consequential, or influential
Interest
a feeling that accompanies or causes special attention to something or someone
Debt
something owed
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
401k
a retirement account to which employee and employer contribute
APR
annual percentage rate
Mortgage
a conveyance of or lien against property
