PERSONAL FINANCE VOCAB Flashcards
(18 cards)
what’s Salary mean?
fixed compensation paid regularly for services
What’s 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
What’s Minimum wage
the lowest wage paid or permitted to be paid
what’s over time
Working over 40 hours a week or more than your set amount
what’s atm/debit card
Using the money directly in your account
credit/credit card
A card that uses money you don’t have that you pay back in payments( you also pay intrest)
Credit Limit
the amount of money you can use on your credit card based on your salary and other factors.
Credit Rating
A score based off of how well and fast you pay things back off your credit card
Account Balance
The amount of money currently in your debit account
principle
initial amount of money that is invested or loaned.
Interest
when you take out a loan you get interest witch charges you a little more witch each payment than if the price was just split
Debt
the amount of money you owe
Checking Account
an account designed for everyday use with quick transactions
Savings Account
money in an account that your saving which can build slowly overtime
401(k)
a retire meant plan that takes a little money out your paycheck
APR
annual percentage rate is the percent of interest on things you pay for
Mortgage
A loan dedicated for a plot of land or home.
