Studied by 18 people
net income
full income before deductions.
gross income
income after deductions.
financial aid
money given to help people pay for college.
scholarships
money use to help pay for college based on ability like sports etc.
Grants
Money used to help pay for college based of national, sex, race etc.
Federal loans
Loans you take out for paying thing by the government.
FAFSA
Form used to help figure out which types of financial aid people have and organize it.
Cost of living
The cost of surviving in an area like housing and food etc.
Median wage
The middle of what certain wages get paid for certain jobs in a certain area.
Items in a budget
money that is organized to figure what and when to pay for.
Emergency Fund
money saved in case of an emergency.
Net monthly income
Monthly income before deductions.
Savings Account
An account use for savings for something which earns intrest over time.
Debit card
A card where you can spend, but not over what you have on the card.
Check
a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer.
Income Tax
a tax on people´s income used by the government.
Property tax
a tax paid on property owned by an individual or other legal entity, such as a corporation.
Sales Tax
a tax on items you buy, but it differs from state to state.
Excise tax
Taxes that prevent bad habits by taxing them, but has deductions on good habits.
W-4 Form
A filled out by an employee to figure out how much to withhold from paycheck to put toward federal taxes.
w-2 Form
A filled out by an employer to figure out how much to withhold from paycheck to put toward federal taxes.
Credit Score
A score based on how well you use your credit card it goes from 300-850.
Credit Utilization
The percent of your credit card you can use.
Credit Card
Card you use buy, but you have to pay later so you have to make sure you do not go into debt.
Principal balance
The amount of money of the original loan.
Interest Rate/APR
Annual percent fees per and interest rate is the growth per year.
Amortization
the action or process of reducing or paying off a debt with regular payments.
Loan term
amount time on a loan
Net Worth
asset - debts
Premium
amount of money paid perodically.
Deductible
amount taken out of check for important things like healthcare.
Liability
owing a company or someone money.
Co- pay
a flat fee that you pay on the spot each time you go to your doctor or fill a prescription.
401k
a defined contribution plan where an employee can make contributions from his or her paycheck either before or after-tax, depending on the options offered in the plan.
Stocks
a share in the ownership of a company, including a claim on the company's earnings and assets.
Bonds
a debt security, similar to an IOU in a business.
Commodities
Raw material type of stock.
Mutual Funds
types of stock that are grouped together.
Real estate
something you own that is attached to a piece of land.
Return on investments
money you get back on investments.
Profit or loss
gaining or losing money.
Checking account
Account held at a bank and can be accessed by an account holder
Note 
Flashcard (60)