The document defines key money and financial terms including credit, debit, interest, gross pay, net pay, fixed expenses, variable expenses, consumable goods, durable goods, FICA, salary, discretionary expenses, budget, credit score, financial institution, and mortgage. Credit allows customers to obtain goods before payment while debit removes money from an account. Interest is money paid for borrowing or lending money. Gross pay includes all earnings while net pay is the take home amount after deductions. The document also distinguishes between fixed, variable, consumable, and durable goods as well as discretionary expenses. Key financial concepts such as budget, credit score, and mortgage are also defined.

1. MONEY VOCABULARY By Mark Schilstra

2. MONEY VOCABULARY
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.
Debit
Remove an amount of money
from a customer's account,
typically as payment for services
or goods.

3. MONEY VOCABULARY
Interest
Money paid regularly at a
particular rate for the use of
money lent, or for delaying the
repayment of a debt.
Gross Pay
Gross 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

4. MONEY VOCABULARY
Net Pay
Net pay is the amount of money
on each employee paycheck.
Employers deduct many different
amounts from employee wages
every pay period.
Fixed Expenses
Fixed expenses or costs are
those that do not fluctuate with
changes in production level or
sales volume

5. MONEY VOCABULARY
Variable Expenses
Variable costs are those costs
that vary depending on a
company's production volume;
they rise as production increases
and fall as production decreases.
Consumable Goods
Consumable goods are capable
of being consumed; that may be
destroyed, dissipated, wasted, or
spent.

6. MONEY VOCABULARY
Durable Goods
Goods not for immediate
consumption and able to be kept
for a period of time.
FICA
A United States federal payroll or
employment tax imposed on
both employees and employers
to fund Social Security and
Medicare

7. MONEY VOCABULARY
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.
Discretionary Expenses
a cost which is not essential for
the operation of a home or a
business

8. MONEY VOCABULARY
Budget
An estimate of income and
expenditure for a set period of
time
Credit Score
A number assigned to a person
that indicates to lenders their
capacity to repay a loan

9. MONEY VOCABULARY
Financial Institution
Establishment that focuses on
dealing with financial
transactions, such as
investments, loans and deposits
Mortgage
The charging of real property by
a debtor to a creditor as security
for a debt, on the condition that
it shall be returned on payment
of the debt within a certain
period.