personal finance vocabulary Flashcards
(19 cards)
salary
fixed compensation paid regularly for services
gross income
all income derived from any source except for items specifically excluded by law
minimum wage
the lowest wage paid or permitted to be paid
net income
the balance of gross income remaining after all allowable deductions and exemptions are taken
overtime
time more than a set limit
ATM/Debit card
a card like a credit card by which money may be withdrawn or the cost of purchases paid directly form the holders bank account without the payment of interest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 is o repay a loan
account balance
how much money you have in an account or how much money you owed
principal
most important, consequential, or influential
interest
a feeling that accompanies or cause special attention to something or someone
debt
something owed
Checking account
a bank account against which the depositor can draw checks
savings accents
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
the production of a rapid succession of images in a movie to illustrate an association of ideas
