personal finance vocab

Question 1

salary

Answer 1

Compensation received by an employee for services performed. A fixed sum of pay

Question 2

gross income

Answer 2

Total pay before taxes and other things are taken out

Question 3

net income

Answer 3

After taxes and stuff are taken out of income

Question 4

minimum wage

Answer 4

A wage set by a contract of law of lowest pay to employees

Question 5

overtime

Answer 5

time in excess of set limit

Question 6

atm/debit card

Answer 6

Auto teller machine/a card used to make purchases at buissness

Question 7

credit card

Answer 7

A open ended loan that allows to borrow money up to a certain limit. Credit Limit A limit set by the CC company

Question 8

credit rating

Answer 8

A estimate of the amount of credit that can be extended to a person

Question 9

account balance

Answer 9

Net amount in account after summing debts after debts and such

Question 10

principle

Answer 10

The amount of money you recieve from a lender that you agree to pay back on the loan with interest

Question 11

interest

Answer 11

A fee charged by lender and used by borrower

Question 12

debt

Answer 12

Money you owe another person or buissness

Question 13

checking account

Answer 13

An account at a bank that allows you to make deposits pay bills and make withdrawals

Question 14

savings account

Answer 14

An account used to set aside money that pays you interest

Question 15

APR

Answer 15

The cost of borrowing money yearly

Question 15

401K

Answer 15

A retirement account

Question 16

Mortage

Answer 16

A temporary and conditional pledge of property