| A | B |
|---|
| ATM | an electronic machine that provides for banking transactions to be carried out both inside and outside the bank |
| Service Charge | fees charged by banks for maintaining your account |
| Income | the money you take in and have available to spend |
| Gross Pay | the total amount you earn in a pay period |
| Net Pay | the amount you actually take home in your paycheck |
| Withhold | take out for taxes-called deductions |
| Income Tax | the tax you pay on the amount you make to the government to operate (local,state, Federal) |
| F.I.C. A.-Federal Insurance Contribution Act | (Social Security)provides benefits for when you retire (money, health benefits) |
| Savings Account | the account that holds the money you deposit, allows you to withdraw money from your account at any time. |
| Interest | the price paid for using someone else's money, when you deposit money in a bank, your are lending the bank money and in return for making that loan to the bank, you receive interest |
| Interest Rate | The price one must pay to use someone else's money, stated as a percentage |
| Simple Interest | interest that is paid to the depositor, it is calculated based on the deposits made. |
| Compound Interest | interest earned when previously earned interest is left in the savings account to earn more interest in the savings account |
| W-2 form | a form used when you calculate your taxes. |
| APR - Annual Peercentage Rate | this rate measures and compares the cost of credit. - expressed as a yearly interest rate. |
| Credit History | a record of how you paid your debts in the past - it is tracked by your Social Security number |
| Credit Limit | the maximum amount you are allowed to charge on a credit account. |
| Finance Charge | the cost of credit - the cost of a loan or the use of credit cards |
| Grace Period | the period of time after a purchase is made with a credit card before interest is charged on that purchase |
| Budget | plan for spending and saving your money |
| Expenses | items you spend your money on |
| Fixed Expenses | Regular expenses you must pay (rent, taxes, insurance) |
| Flexible Expenses | Expenses that do not occure regularly or are not always the same |
| Spending Plan | a guide for spending and saving income based on goals, income and expenses |
