Banking Transactions
Deduct funds from an account by any methods.
What is withdrawal?
Items you must have to live.
What are needs?
Income that earned based on the time a person works.
What is Gross Pay?
The process of setting aside money until a future date.
What is savings?
Money that is automatically subtracted from an employee's gross pay for taxes.
What is payroll taxes?
Add funds to an account by any method.
What is a Deposit?
Something a person or organization plans to achieve at least five years into their future.
What are long-term goals?
Wages plus fringe benefits.
What is Compensation?
An organized plan for spending based on your expected income and expenses.
What is a budget?
Expenses that increase or decreases each month.
What are variable expenses?
Move funds from one account to another.
What is a transfer?
The lowest hourly wages allowed by the state or federal laws.
What are minimum wages?
Take home pay after payroll taxes and voluntary deductions has been removed.
What is net pay?
An open-ended fund operated by an investment company to by a large selection of securities that meet the funds stated investment goals.
What are mutral funds?
Expenses that remain the same every month.
What are fixed expenses?
Money that is immediately withdrawn directly out of a bank account when completing a purchase.
What is a debit or bank card transaction?
Actions performed to satisfy economic wants.
What are services?
Income received from a fund when the worker leaves the workforce and has reached the retirement age.
What is a pension?
The process of setting money aside to increase wealth over time and accumulate goals for retirement.
What is investing?
Utilities, rent, car note, and repayment debt is an amount that has to be paid every mount.
What are monthly expenses?
You are able to manage and monitor all your financial accounts and transfer funds without visiting the bank branch.
What is online banking?
A person who makes a purchase without comparing costs or benefits beforehand.
What is an impulsive spender?
Money that is left over after the income-earner has paid rent/mortgage, utilities, insurance, and other essentials costs.
What is discretionary income?
A plan of action that allows a person to meet immediate and long-term financial goals.
What is financial planning?
Company or organizations transaction that refers to short-term spending in a fiscal year.
What are expenditures?