Money Vocab dude

1. Money Vocabulary

2. Credit
ability of a customer to obtain goods or services before payment

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

4. Interest
money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

5. Gross Pay
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

6. Net Pay
the amount of wages that employees actually take home

7. Fixed Expenses
those that do not fluctuate with changes in production level or sales volume.

8. Variable EXpenses
corporate expense that varies with production output

9. Consumable Goods
goods 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
Federal Insurance Contributions Act tax imposed on both employees and employers to fund Social Security and Medicare

12. Salary
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

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

14. Budget
estimate of income and expenditure for a set period of time

15. Credit Score
number assigned to a person that indicates to lenders their capacity to repay a loan.

16. Financial Institution
An establishment that focuses on dealing with financial transactions, such as investments, loans and deposits.

17. Mortgage
the charging of real (or personal) property by a debtor to a creditor as security for a debt