Unit 3 Practice Flashcard: Budgeting & Responsible Money Mgmt

Front

pay based on an hourly pay rate, typically paid on a weekly or biweekly basis.

Back

Wages

Front

 a fixed pay, typically paid on a monthly or biweekly, bimonthly basis (stated as an annual amount)

Back

Salary

Front

percentage pay based on meeting company goals, usually a sales amount

Back

Commission Pay

Front

percentage pay based on meeting company goals, usually a sales amount

Back

Commission Pay

Front

total money earned during a pay period BEFORE deductions.

Back

Gross Pay

Front

= Gross Pay - Deductions

Back

Net Pay

Front

income remaining after deduction of taxes but before paying monthly bills

Back

Disposable Income

Front

money you have after paying bills & that you can use for saving, investing & extra, fun stuff!

Back

Discretionary Income

Front

money subtracted from the gross pay

Back

Deductions

Front

money you earn on a regular basis

Back

Income