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paychecks and budgets

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Term
Definition
Paycheck   a check from your employer for money earned on a job  
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Paycheck stub   a form attached to the check that lists pay total and deductions  
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Gross pay   total money earned before deductions  
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Deduction   money or fees taken out of your paycheck  
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Net pay   amount of pay you actually receive AFTER deductions  
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Cash a check   giving the check to your bank and getting the money  
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Endorse   sign the back of the check  
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Budget   a plan of how to use your money  
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Social Security   government run retirement savings plan  
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Retirement   years in your life when you are no longer working  
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Fixed Expenses   occur every month and do not change much (ie: Rent, mortgage, car payment)  
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Periodic Expenses   occur less frequently than once a month (ie: car insurance, tuition,property taxes)  
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Variable Expenses   amount of payments change from one month to the next (ie: groceries, gas, utilities, vacations)  
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want   a product or service that is not essential  
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need   a product or service that is necessary and essential to live  
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Created by: dtavernier
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