personal financial planning
the state of being ready or constant in regards to finances
FINANCIAL STABILITY
money coming in through earned allowances, wages or other sources
INCOME
a list of all incomes and planned expenses
BUDGET
What does ATM stand for
AUTOMATED TELLER MACHINE
a tax collected by the federal government
an item that is owned and has value
ASSET
Income that is generated without active involvement by the person receiving it
PASSIVE INCOME
an expense that does not occur on a regular basis
OCCASSIONAL EXPENSE
a fee that is charged to an account when the amount taken out is more than the amount of funds in the account
OVERDRAFT FEE
What does IRS stand for
INTERNAL REVENUE SERVICE
A responsibility, obligation or a debt
LIABILITY
Income generated through a one time sale of an item
CAPITAL GAINS
a favor or gift usually in form of money given in return for a service
GRATUITY
the fee charged by a bank for the use of money when taking out a loan
INTEREST RATE
a one time tax by the federal government on an estate or large transfer of money
WEALTH TAX
The difference between your assets and liabilities is your
NET WORTH
A dollar amount in which a certain employee is working to exceed in order to get commission
QUOTA
when several discounts are taken one at a time from the usual price
SUCCESSIVE DISCOUNTS
minimum dollar amount set my a bank that is required to open an account
MINIMUM OPENING BALANCE
an insurance program created to aid individuals in retirement or those that have become disabled
SOCIAL SECURITY
the ability of funds to be available to meet immediate wants and or needs
LIQUIDITY
an employee that generates income from each item or piece that they produce
PIECE RATE EMPLOYEE
the process of shopping for bargains by comparing prices at different stores
COMPARISON SHOPPING
What does FDIC stand for
FEDERAL DEPOSIT INSURANCE CORPORATION
an expense incurred by a tax payer that can possibly be claimed to reduce the amount paid towards taxes
DEDUCTION