| A | B |
|---|
| Barter | Exchange goods or services for other goods and services without using money |
| Cashless Society | A society in which purchases of goods or services are made by credit card or electronic funds transferal rather than with cash or checks |
| Credit Card | A small plastic card issued by a bank, business, etc., allowing the cardholder to purchase goods or services on credit |
| Debit Card | A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase |
| Dependents | A person who relies on another, especially a family member, for financial support |
| Electronic Transfer | Is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer based systems and without the direct intervention of bank staff |
| Exemptions | The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. |
| Fringe Benefits | An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc |
| Gross Income | An individual's total personal income, before accounting for taxes or deductions |
| Garnishment | A court order directing that money or property of a third party (usually wages paid by an employer)be seized to satisfy a debt owed by a debtor to a plaintiff creditor |
| Inflation | A general increase in prices and fall in the purchasing value of money |
| Inheritance | Money or objects that someone gives you when they die |
| Human Capital | The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country |
| Internal Revenue Service (IRS) | A US government agency responsible for the collection of taxes and enforcement of tax laws |
| Money | A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively |
| Money Order | A printed order for payment of a specific sum, issued by a bank or post office |
| Net Pay | The amount of a person's paycheck left over after any deductions are taken out. This commonly includes federal and state tax withholding, social security and Medicare taxes |
| Profit | A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something |
| Paycheck Stub | A piece of paper that is given to an employee with each paycheck. Shows the amount of money that the employee earned and the amount that was removed for taxes, insurance costs, etc. |
| FICA Tax | Federal insurance contributions act. Is a united states federal payroll tax imposed on both employees and employers to fund social security and Medicare. |
| Treasury Department | The federal department that collects revenue and administers federal finances. The treasury department was created in 1789 |
| Upward Mobility | Rising from a lower to a higher social class or status |
| Windfall Income | Unexpected gain in income which could be due to winning a lottery, unforeseen inheritance or shortage of supply. |
| Wage | A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker. |
| Budget | A plan used to decide the amount of money that can be spent and how it will be spent. |
| Discretionary Income | The amount of the individuals income that is left for spending, investing, or saving after paying takes and paying for personal necessities such as food, shelter, and clothing. Includes money spent on luxury items, vacations, and nonessential goods and services. |
| Disposable Income | A person's take-home pay used to meet both essential and nonessential expenses. |
| Fixed Expenses | Remain the same every month. Usually paid on a regular basis, such as weekly, monthly, quarterly or from year to year, and this consistency makes fixed expenses much easier to budget. |
| Variable Expenses | Expenses that change from month to month. Ex's: Food, clothing electricity, and entertainment |
| Assets | Something that is owned by a person. |
| Liabilities | Thing for which someone is responsible, a debt or financial obligation. |
| Pay Yourself First | Before you pay your bills, before you buy groceries, before you do anything else, set aside a portion of your income to save. Put the money into your 401(k), your Roth IRA, or your savings account. |
| Long Term Goal | Something you want to accomplish in the future. Long term goals require time and planning. They are not something you can do this week, and they usually last at least 7 years. |
| Short Term Goal | Something you want to do in the near future This can be today, this week, this month ,or even this year. A short-term goal is something you want to accomplish soon. |
| Need | Require (something) because it is essential or very important. |
| Want | Have a desire to possess or do (something); wish for. |
| Opportunity Costs | The value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had by taking the second best available choice. |
| Surplus | Something that remains above what us used or needed. The excess of assets over liabilities. |
| Deficit | An excess of expenditure or liabilities over income or assets in a given period. The amount by which something, especially a sum of money, is too small. |
| Trade-offs | A situation in which you must choose between or balance two things that are opposite or cannot be had at the same time. |
