Types of Payment
A card that is loaded with a specific cash amount and can only be used at a SPECIFIC store.
Gift Card
Buy One Get One Free.
BOGO
A mandatory financial charge that the government adds to the cost of some goods, services, and transactions.
Tax
Automatic Teller Machine. Allows a customer to take out physical currency from their bank account.
ATM
______________ is your total salary or wages
Gross pay
A card issued by a bank allowing the owner to transfer money electronically to another bank account when making a purchase.
Debit Card
A voucher providing a discount for a particular item when purchased.
Coupons
A person who purchases goods and services for personal use.
Consumer
The amount of money you have in your bank account.
Balance
A _______________ is money withheld from a paycheck.
deduction
An online process that allows you to send money directly from your checking account to another person using a username, email address, or cell phone number.
Peer-to-Peer Payment App
An opportunity that encourages you to purchase a specific item (eg a discount).
Promotions
A sum of money (added to the bill total) given by a customer to a waiter or waitress for their service.
Tip
A type of bank account that allows a person to deposit and withdraw their money.
Checking Account
__________ is your gross pay minus deductions.
•AKA – Take Home Pay
Net pay
A card that is loaded with a specific cash amount and can be used at ANY store.
Prepaid Card
A deduction from the usual cost of something.
Discounts
A person or company offering something for sale.
Vendor
An amount of money you take out of a bank account.
Withdrawal
•Amount based on exemptions (people you claim on your tax return as a dependent)
Income Tax
A document that tells a bank to pay a specific amount of money from one person's account to another person's account.
Check
The practice of comparing the price of products or services from different vendors before buying, often to find the best deal or price.
Comparison Shopping
The total for PART or SOME of the items on your receipt.
Subtotal
An amount of money you add to a bank account.
Deposit
•Made up of Social Security Tax and Medicare Tax
•You pay half and employer pays other half
Social Security – 6.2%
Medicare – 2.9%
FICA (Federal Insurance Contributions Act)