Financial Terms Flashcards

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Periodic Savings Plan

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Depositing money periodically so you have a larger amount in the future.

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Scholarship

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Gifted money from school or organization to support student’s education. Academic, Skill, or Merit based. Does not have to be repaid.

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Grant

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Money given by the government, based on financial need. Does not have to be repaid.

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Loan

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Money borrowed to cover the cost of secondary education or training. Does have to be repaid.

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Income

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Money received for work or investment.

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Salary

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A fixed regular payment received from work. Usually expressed as an annual sum.

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Minimum Wage

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Lowest wage payable by law.

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Deductions

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An amount deducted from taxable income or taxes to be paid.

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Payroll

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The total amount of wages paid by an employer to employees.

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Tax

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An amount taken out of income and paid to local, state, or federal government.