UNIT 3 VOCABULARY Zoe Decker

CREDIT: AN ARRANGEMENT FOR DEFERRED PAYMENT OF A LOAN OR PURCHASE: A STORE THAT OFFERS CREDIT

DEBIT: TO TAKE MONEY FROM AN ACCOUNT

INTEREST: RIGHT, TITLE, OR LEGAL SHARE IN SOMETHING (2) : PARTICIPATION IN ADVANTAGE AND RESPONSIBILITY

GROSS PAY: 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.

NET PAY: THE REMAINING AMOUNT OF AN EMPLOYEE'S GROSS PAY AFTER DEDUCTIONS, SUCH AS TAXES AND RETIREMENT CONTRIBUTIONS, ARE MADE.

FIXED EXPENSES: : AN EXPENSE THAT DOES NOT CHANGE FROM TIME PERIOD TO TIME PERIOD.

VARIABLE EXPENSES: AN EXPENSE THAT DOES NOT CHANGE FROM TIME PERIOD TO TIME PERIOD.

CONSUMABLE GOODS: ARE CAPABLE OF BEING CONSUMED; THAT MAY BE DESTROYED, DISSIPATED, WASTED, OR SPENT.

DURABLE GOODS: GOODS, SUCH AS MOST PRODUCER GOODS AND SOME CONSUMER GOODS, THAT REQUIRE INFREQUENT REPLACEMENT.

FICA: 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.

SALARY: FIXED COMPENSATION FOR SERVICES, PAID TO A PERSON ON A REGULAR BASIS.

DISCRETIONARY EXPENSES: IS A COST WHICH IS NOT ESSENTIAL FOR THE OPERATION OF A HOME OR A BUSINESS.

BUDGET: AN ESTIMATION OF THE REVENUE AND EXPENSES OVER A SPECIFIED FUTURE PERIOD OF TIME.

CREDIT SCORE: A STATISTICALLY DERIVED NUMERIC EXPRESSION OF A PERSON'S CREDITWORTHINESS THAT IS USED BY LENDERS TO ACCESS THE LIKELIHOOD THAT A PERSON WILL REPAY HIS OR HER DEBTS.

FINANCIAL INSTITUTION: AN ESTABLISHMENT THAT FOCUSES ON DEALING WITH FINANCIAL TRANSACTIONS, SUCH AS INVESTMENTS, LOANS AND DEPOSITS.

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.