Money Vocab

1. MoneyVocabulary
Eric Walker

2. Credit
• the ability of a customer to obtain goods or services before payment, based
on the trust that payment will be made in the future

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

4. Interest
• the state of wanting to know or learn about something or someone

5. Gross Pay
• The total of an regular remuneration including allowances, overtime pay,
commissions, and bonuses, and any other amounts, before any deductions
are made

6. Net Pay
• The remaining amount of an employees gross pay after deductions, such as
taxes and retirement contributions, are made.

7. Fixed Expenses
• Largely same as fixed costs, except that non-cash items such as
depreciation and depletion are not included.

8. Variable Expenses
• costs that change in proportion to the good or service that a business
produces.

9. Consumable Goods
• Consumables are goods that 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

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,
especially a professional or white-collar worker

13. Discretionary expenses
• A discretionary expense is a cost which is not essential for the operation of a
home or a business.

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

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

16. Financial Institution
• an organization, e.g. a bank or brokerage, that offers financial services such
as deposit taking, checking accounts, loans, or various investment services

17. Interest
• the state of wanting to know or learn about something or someone

18. Salary
• a 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,
especially a professional or white-collar worker

19. 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