1. Money Management Key Terms

2. Money Management Paycheck Key Terms

3. Income Money that you get; usually from a job; the amount of money that you receive

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. 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); a good or service you purchase

11. 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. Endorse To sign the back of a check before cashing; sign your name on the back

17. Ledger/Check Register Your record of your account

18. Balance Money available in your account

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

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

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

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

23. Debit Card Plastic card that accesses your account when the proper PIN (password) is given; money is taken directly out of your account

24. Savings Account A bank account that you deposit money into; interest is earned on the money that is in the account.

25. Interest Money a financial institution pays customers at regular intervals

26. Money Management Credit Key Terms

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

28. Interest Rate The cost/charge for the use of money over a period of time

29. Credit Score/Rating A record that shows your ability/willingness to pay debts