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Money Management

Money Management. Key Terms. Money Management. Paycheck Key Terms. Income. Money that you get; usually from a job. Deduction. An amount of money taken from an employee’s gross pay for taxes, insurance, social security, or other benefits. Income Tax.

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Money Management

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  1. Money Management Key Terms

  2. Money Management Paycheck Key Terms

  3. 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. 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. 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

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

  24. 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.

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