Personal Financial Planning
INCOME
Income generated from working
EARNED INCOME
Anything in which money is spent on
EXPENSES
A fee charged to an account when more money is taken out of the account then there is in the account
OVERDRAFT FEE
A tax collected by the federal government to pay for government programs
FEDERAL TAX
A list of all income and planned expenses
BUDGET
the amount received by an employee before deductions
GROSS PAY
OCCASSIONAL EXPENSE
the amount of an initial investment before any tax is gained
PRINCIPAL
an insurance program designed to aid individuals who go into retirement or become disabled
SOCIAL SECURITY
The ability of funds to be used to full fill immediate wants or needs
LIQUIDITY
Income generated through a one time sale of an item
CAPITAL GAINS
GRATUITY
What does FDIC stand for
FEDERAL DEPOSIT INSURANCE CORPORATION
an allowance that can be claimed on a W-4 form to reduce the amount paid in taxes
WITHOLDING ALLOWANCE
An item that is owned and has value
Asset
income generated by a process in which the individual is not actively involved
PASSIVE INCOME
An amount deducted from an items usual price
DISCOUNT
A booklet used to record checking account transactions
CHECK REGISTER
an amount of income per person that is free from tax
TAX EXEMPTION
Money received and Money spent
CASH INFLOW AND CASH OUTFLOW
amount that an employer pays an employee which includes total employee benefits and gross pay
TOTAL JOB BENEFITS
Describes how many units of the first type of quantity corresponds to one unit of the second type of quantity
UNIT RATE
to check your account balance against another set of records for agreement
RECONCILE
What does IRS stand for and what do they do
INTERNAL REVENUE SERVICE, oversees the collection of taxes