Personal Finance Vocabulary
When a business, or person is unable to pay her or his debts
What is bankrupt?
The amount of money a person is paid from their job.
What is income?
sum payable as profit for shares
What is dividend?
When goods are bought now and paid for later.
What is credit?
A plan and record of spending.
What is a budget?
The four filing statuses
What are single, married jointly, married separately, head of household?
An investor bought 40 shares in ABC Corporation at $80 a share.
What is stock?
The more a person has, the higher their potential income earnings will be.
What is education?
Expenses that are the same amount every time
What is Fixed expenses?
When goods are bought now and paid for now with my money.
What is debit?
The first category after income when creating a budget.
What is savings/pay yourself first?
What are the two types of deductions you claim on a federal tax return that you don't pay taxes on?
Standard deduction and Itemized deduction
A number that shows how well a person manages their money, a financial grade.
What is credit score?
The three main types are: income, property and sales.
What are taxes?
Expenses that change from month to month, like groceries or utilities.
What are variable expenses?
A payment or charge made for the use of money that has been borrowed?
What is interest?
What is FICA comprised of ?
What are Social Security and Medicare?
What is the most common tax return form?
What is a form 1040
A unit of measure for HVAC units, based on the size of the room, insulation, and exposure factor.
What is BTU?
The total amount of money earned in a year.
What is gross annual income?
Expenses that are based on wants and may be unnecessary spending, personal choice spending.
What is discretionary income?
A fixed amount of money paid on a regular basis to a permanent employee of an organization
What is salary?
Required charges of citizens by local, state and federal governments.
What are taxes?
The place to find the tax owed after you subtract the standard (or itemized) deduction
What is a tax table?
What is foreclosure?
The take home pay a person has each month.
What is net income?
A policy on a home, car or person that helps when there is an emergency.
What is insurance?
When a person is paid by the hour and is only paid for the hours worked.
What are hourly wages?
What does each letter in FICA mean?
What is Federal, Insurance, Contribution, Act?
What you get if your withholding amount is greater than your taxed owed
What is a refund?