1. Money Management
Key Terms

2. Money Management
Paycheck Key Terms

3. Money that you get; usually from a job
Income
Money that you get; usually from a job

4. Deduction
An amount of money taken from an employee’s gross pay for taxes, insurance, social security, or other benefits

5. Income Tax
The part of earnings that people must legally give to the government to pay for government services

6. The part of the paycheck that lists deductions from salary
Check Stub
The part of the paycheck that lists deductions from salary

7. Gross Pay
The total amount of an employee’s earnings before deductions are taken out

8. Net Pay
The amount of a paycheck after deductions are taken out (sometimes referred to as take home pay)

9. Money Management
Budgeting Key Terms

10. Expenses
Things you pay for each month with your income (Example: food, clothing)

11. Expenses that are the same each month (Example: rent)
Fixed Expenses
Expenses that are the same each month (Example: rent)

12. Variable Expenses
Expenses that are not the same each month, they fluctuate (Example: clothing)

13. Money Management
Checking Key Terms

14. Checking Account
A bank account that you use with checks and/or debit card. Money is taken out of this account when you write a check or use your debit card.

15. Check
A written order directing the bank to pay money as instructed by you to take money out of your account

16. To sign the back of a check before cashing
Endorse
To sign the back of a check before cashing

17. Ledger/Check Register
Your record of your account

18. Money available in your account
Balance
Money available in your account

19. A check written for more than the amount in your account
Bounced/Bad
A check written for more than the amount in your account

20. A written order directing the bank to put money into your account
Deposit
A written order directing the bank to put money into your account

21. When you take money out of your savings or checking account
Withdraw
When you take money out of your savings or checking account

22. Automated Teller Machine; acts as a bank teller usually open 24 hours
ATM
Automated Teller Machine; acts as a bank teller usually open 24 hours

23. Debit Card
Plastic card with a magnetic strip that accesses your account when the proper PIN number is given. Money is taken directly out of your account

24. A plastic card allowing you to purchase merchandise with future money
Credit Card
A plastic card allowing you to purchase merchandise with future money

25. Savings Account
A bank account that you deposit money into. Interest is earned on the money that is in the account.