5. Gross Pay
salary is the term used 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. If you work more than
one job, you'll have a gross salary amount for each one.
6. Net Pay
is the amount of wages that employees actually take
home. In other words, net pay is the amount of
money on each employee paycheck. Employers
deduct many different amounts from employee
wages every pay period.
7. Fixed Expenses
or costs are those that do not fluctuate with changes
in production level or sales volume. They include
such expenses as rent, insurance, dues and
subscriptions, equipment leases, payments on loans,
depreciation, management salaries, and advertising.
8. Variable Expenses
costs are those costs that vary depending on a company's
production volume; they rise as production increases and fall
as production decreases. Variable costs differ from fixed costs
such as rent, advertising, insurance and office supplies, which
tend to remain the same regardless of production output.
9. Consumable Goods
(also known as consumable goods, nondurable
goods, or soft goods) are goods that, according to
the 1913 edition of Webster's Dictionary, 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
tax /ˈfaɪkə/ is 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.
12. 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.
13. Discretionary expenses
is a cost which is not essential for the operation of a
home or a business. For example, a business may
allow employees to charge certain meal and
entertainment costs to the company in order to
promote goodwill with employees.
15. Credit Score
a number assigned to a person that indicates to
lenders their capacity to repay a loan.
16. Financial Institution
DEFINITION of 'Financial Institution - FI' An establishment that focuses on
dealing with financial transactions, such as investments, loans and deposits.
Conventionally, financial institutions are composed of organizations such
as banks, trust companies, insurance companies and investment dealers.
17. Interest
money paid regularly at a particular rate for the use
of money lent, or for delaying the repayment of a
debt.
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.
