Money$$$$$$

1. Money Vocab
By: Cole Martin

2. Credit
 the ability of a customer to obtain goods or services before payment,
based on the trust that payment will be made in the future.

3. Debit
 an entry recording an amount owed, listed on the left-hand side or column of
an account.

4. Interest
 money paid regularly at a particular rate for the use of money lent, or for
delaying the repayment of a debt.

5. Gross pay
 money you've made while working at your job, figured before any deductions
are taken for state and federal taxes

6. Net Pay
 The amount of wages that employees actually take home.

7. Fixed Expenses
 those that do not fluctuate with changes in production level or sales volume.
They include such expenses as rent, insurance, dues and subscriptions,
equipment leases, payments on loans, depreciation, management salaries,
and advertising.

8. Variable Expenses
 are those costs that vary depending on a company's production volume; they
rise as production increases and fall as production decreases.

9. Consumable goods
 are goods that are capable of being consumed; that may be destroyed,
dissipated, wasted, or spent.

10. Durable Goods
 goods not for immediate consumption and able to be kept for a period of
time.

11. FICA
 a United States federal payroll tax imposed on both employees and
employers to fund Social Security and Medicare—federal programs that
provide benefits for retirees, the disabled, and children of deceased workers.

12. Salary
 a fixed regular payment, typically paid on a monthly or biweekly basis but
often expressed as an annual sum, made by an employer to an employee,
especially a professional or white-collar worker.

13. Discretionary Expenses
 is a cost which is not essential for the operation of a home or a business.

14. Budget
 an estimate of income and expenditure for a set period of time.

15. Credit Score
 a number assigned to a person that indicates to lenders their capacity to
repay a loan.

16. Financial Institution
 establishment that focuses on dealing with financial transactions, such as
investments, loans and deposits.

17. Interest
 money paid regularly at a particular rate for the use of money lent, or for
delaying the repayment of a debt.

18. Salary
 a fixed regular payment, typically paid on a monthly or biweekly basis but
often expressed as an annual sum, made by an employer to an employee,
especially a professional or white-collar worker.

19. Mortgage
 the charging of real (or personal) property by a debtor to a creditor as
security for a debt (especially one incurred by the purchase of the property),
on the condition that it shall be returned on payment of the debt within a
certain period.