Trya Burns Vocab

Question 1

Finances

Answer 1

Money and other resources

Question 2

Net worth

Answer 2

Dollar value of all the things you own minus the sum of your debts

Question 3

Assets

Answer 3

Cash and Anything of value that you own

Question 4

Gross pay

Answer 4

Total earned before taxes and other deductions have been subtracted

Question 5

Sundries

Answer 5

Small personal and home care items, typically found in grocery stores or drug stores

Question 6

HMO(Health maintenance organization)

Answer 6

Corporation Made up of doctors and other health professions who provide a range of health care services to employee groups for a set monthly rate,

Question 7

Debit card

Answer 7

Bank card that you can use like a check to pay for purchase at a store or make transactions on your account using an automatic teller machine

Question 8

PIN (personal identification number)

Answer 8

Your “secret code” that allows you and no one else to use your account

Question 9

VOID

Answer 9

Destroy a check by writing void in large letters across it so that no one else can use your account

Question 10

Cancelled check

Answer 10

Checks that have been processed through the banking system and the amounts have been subtracted from your checking account

Question 11

Budget

Answer 11

Plan for dividing up income among saving and spending options

Question 12

Utilities

Answer 12

Essential service such as gas and electricity, water and garbage collection often provided by the government

Question 13

Liabilities

Answer 13

Money owned

Question 14

Net pay

Answer 14

Amount of money you take home after taxes and other deductions have been removed.

Question 15

Premium

Answer 15

Regular payment require to purchase insurance

Question 16

ATM (Automated teller machine)

Answer 16

Bank computers that allows you to make transactions such as deposit and withdrawals without actually going inside the bank

Question 17

Reconcile

Answer 17

To make sure that your record of checking account transactions matches your bank records

Question 18

Outstanding check

Answer 18

Check that has not finished it’s processing route from the payees bank back to yours so your bank has not yet subtracted the amount from your account

Question 19

Checkbook register

Answer 19

Form for recording all deposits to and withdrawals from your checking account including written checks and electronic transactions

Question 20

Franchise

Answer 20

One of a chain of individually owned business authorized to sell the chains product

Question 21

Paycheck stub

Answer 21

Attachment to your paycheck that shows how much you earned and how much money was deducted for taxes, health insurance,

Question 22

Average

Answer 22

Add up the number and then divide by how many numbers there are

Question 23

Copayment

Answer 23

Under certain health care plans such as HMO or PPO the porting of the total medical fee or prescription cost that the patient pays

Question 24

Payee

Answer 24

Person or business to whom the check is written

Question 25

Service charge

Answer 25

Fee charged by a bank for performing services by you

Question 26

Proven cash

Answer 26

To total and verify the transactions in your financial record