personal finance voacabulary Flashcards
(19 cards)
Acount balence
How much money you have in an account or how much money you owe, whether that’s a bank account or a credit card account.
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
the wage paid for overtime.
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a card like a credit card by which money may be withdrawn or the cost of purchases paid directly from the holder’s bank account without the payment of interest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
a card authorizing purchases on credit
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
Principal
Amount of money you originally get.
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 conveyance (see CONVEYANCE sense 2a) of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms
