Tyra Burns Flashcards
Net worth
Total assests minus total outside liabilities of an individual or a company
Finances
The management of large amounts of money, especially by the government
Assests
Property owned by a person, regarded as having value
Gross pay
The amount of salary that is paid by an employer to an employee.
Sundries
Miscellaneous small articles, details, or items
HMO
provides or arranges managed care for health insurance, self-funded health care benefit plans, individuals and other entities in the US and act as a liaison with health care providers
Debit Card
Card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
PIN
A number allocated to an individual and used to validate electronic transactions
Void
Not valid or legally binding
Canceled check
A check that has been cleared the depositors account and has been marked as “canceled” by the bank.
Budget
An estimate of income and expenditure for a set period of time.
Utilities
The cost of electricity, heat, sewer, and water used during the period indicated in the heading of the income statement
Liabilities
The state of being responsible for something, especially by law.
Net pay
Take-home pay. The amount of salary remaining after tax deductions
Premium
An amount to be paid for an insurance policy. A sum added to an ordinary price or charge
ATM
(Automated teller machine)takes place of a human bank teller and allows the user to access basic bank services. (Making deposits, and cash withdrawls)
Reconcile
To make one account consistent with another.
Outstanding check
A financial instrument that draws on the funds in an individuals or business’ bank account but which has not yet been cashed or deposited by the payee.
Checkbook register
A record of deposits to and withdrawals from a checking account.
Franchise
Authorization granted by the government or company to an individual or group enabling them to carry out specified commercial activities (providing a broadcasting service)
Paycheck stub
Piece of paper you receive from your employer when you are paid, showing how much money you have earned and how much tax has been taken away.
Average
Purposes of comparison
Copayment
A payment made by a beneficiary in addition to that made by an insurer
Payee
A person to whom money is paid or is to be paid, especially the person to whom a check is made payable.
Service charge
An extra charged assessed for a service.
Prove cash
Reconciliation of the general ledger cash balance at both the beginning and end of a period