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14 Terms
1
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Gross Pay
Income earned before payroll deductions
2
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Net Pay
Income earned after payroll deductions
3
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FICA
Medicare and Social Security
4
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Payroll deductions
Federal Income tax, State Income Tax, 401 K
5
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Variable Expense
expenses that can change month to month
* Entertainment expenses
* Medical Bills
* Credit Card Expenses
* Entertainment expenses
* Medical Bills
* Credit Card Expenses
6
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Fixed Expenses
Expenses that stay the same month to month
* Automobile Loan
* Student Loan
* Automobile Loan
* Student Loan
7
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Asset
* Joe DiMaggio Rookie baseball card
* Real Estate
* Real Estate
8
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Liquid Asset
* Checking Account
* Cash
* Cash
9
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Current Liability
* you owe a friend $20
* Medical Bill
* Credit Card Balance
* Medical Bill
* Credit Card Balance
10
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Long Term Liability
* Mortgage
* Car Loan
* Car Loan
11
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Insolvency
Occurs when liabilities are greater than assets
12
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Net worth
Total Assets - Total Liabilities
13
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Net Cash Flow
Inflows - Outflows
14
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Monthly Net Income
Monthly Gross Income - Payroll deductions
Note 
Flashcards (33)