Personal Finance Vocabulary Flashcards

(18 cards)

1
Q

Salary

A

Fixed compensation paid regularly for services

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2
Q

Gross income

A

all income derived from any source except for items specifically excluded by law

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3
Q

Net income

A

the balance of gross income remaining after all allowable deductions and exemptions are taken

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4
Q

Minimum wage

A

the lowest wage paid or permitted to be paid

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5
Q

Overtime

A

the wage paid for overtime

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6
Q

ATM/debit card

A

a card like a credit card by which money may be withdrawn or the cost of purchases paid directly from the holder’s bank account without the payment of interest

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7
Q

Credit/credit card

A

a card authorizing purchases on credit

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8
Q

Credit limit

A

the most money that a bank or business will allow a person to borrow

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9
Q

Credit rating

A

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

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10
Q

Account balance

A

How much you have in your account.

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11
Q

Principal

A

The unpaid balance on a loan, not including interest; the amount of money invested.

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12
Q

Interest

A

A fee for the use of money over time. It is an expense to the borrower and revenue to the lender. Also money earned on a savings account.

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13
Q

Debt

A

a state of being under obligation to pay or repay someone or something in return for something received : a state of owing

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14
Q

Checking account

A

a bank account against which the depositor can draw checks

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15
Q

saving account

A

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

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16
Q

401(K)

A

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

17
Q

APR

A

Annual percentage rate

18
Q

Mortage

A

A temporary and conditional pledge of property to a creditor as security for the repayment of a debt.