This document defines key financial and economic terms including: - Credit as the ability to obtain goods or services before payment based on future payment. - Debit as an amount owed listed on the left side of an account. - Gross pay as total salary before deductions for taxes. - Net pay as the amount employees take home after deductions. - Fixed and variable expenses as costs that remain the same or fluctuate with production. - Consumable and durable goods as goods for immediate or long-term consumption. - FICA as a tax that funds Social Security and Medicare. - Salary as regular monthly or biweekly payment often expressed annually.

1. MONEY
VOCABULARY
A B D U L A B E Z G U N O V

2. CREDIT
• the ability of a customer to obtain goods or services
before payment, based on the trust that payment will
be made in the future.

3. DEBIT
• an entry recording an amount owed, listed on the left-
hand side or column of an account.

4. INTEREST
•the state of wanting to know or learn about
something or someone.

5. GROSS PAY
• salary is the term used to describe all of the money you've made while working at your
job, figured before any deductions are taken for state and federal taxes, Social Security
and health insurance. If you work more than one job, you'll have a gross salary amount
for each one.

6. NET PAY
• is the amount of wages that employees actually take home. In
other words, net pay is the amount of money on each
employee paycheck. Employers deduct many different
amounts from employee wages every pay period.

7. FIXED EXPENSES
• or costs are those that do not fluctuate with changes in
production level or sales volume. They include such expenses
as rent, insurance, dues and subscriptions, equipment leases,
payments on loans, depreciation, management salaries, and
advertising.

8. VARIABLE EXPENSES
• costs are those costs that vary depending on a company's production
volume; they rise as production increases and fall as production
decreases. Variable costs differ from fixed costs such as rent, advertising,
insurance and office supplies, which tend to remain the same regardless
of production output.

9. CONSUMABLE GOODS
• (also known as consumable goods, nondurable goods, or soft
goods) are goods that, according to the 1913 edition of
Webster's Dictionary, are capable of being consumed; that
may be destroyed, dissipated, wasted, or spent.

10. DURABLE GOODS
• goods not for immediate consumption and able to be kept for
a period of time.

11. FICA
• tax /ˈfaɪkə/ is a United States federal payroll (or employment)
tax imposed on both employees and employers to fund Social
Security and Medicare—federal programs that provide
benefits for retirees, the disabled, and children of deceased
workers.

12. SALARY
• a fixed regular payment, typically paid on a monthly or
biweekly basis but often expressed as an annual sum, made
by an employer to an employee, especially a professional or
white-collar worker.

13. DISCRETIONARY EXPENSES
• is a cost which is not essential for the operation of a home or
a business. For example, a business may allow employees to
charge certain meal and entertainment costs to the company
in order to promote goodwill with employees.

14. BUDGET
• an estimate of income and expenditure for a set
period of time.

15. CREDIT SCORE
• a number assigned to a person that indicates to lenders their
capacity to repay a loan.

16. FINANCIAL INSTITUTION
• DEFINITION of 'Financial Institution - FI' An establishment that focuses on dealing with
financial transactions, such as investments, loans and deposits. Conventionally, financial
institutions are composed of organizations such as banks, trust companies, insurance
companies and investment dealers.

17. INTEREST
• money paid regularly at a particular rate for the use of money
lent, or for delaying the repayment of a debt.

18. SALARY
• a fixed regular payment, typically paid on a monthly or
biweekly basis but often expressed as an annual sum, made
by an employer to an employee, especially a professional or
white-collar worker.

19. MORTGAGE
• the charging of real (or personal) property by a debtor to a creditor as security for a
debt (especially one incurred by the purchase of the property), on the condition that it
shall be returned on payment of the debt within a certain period.