Consumer Math Lingo
by Stacy Sykes
hourly pay- How much a person earns per hour.
gross pay- Hourly pay multiplied by the hours worked. Gross pay is how much is actually earned before deductions are taken out of a paycheck.
deduction- Money aken out of a person's paycheck. Some deductions might be: insurance, income tax, Social Security (FICA), union dues, or savings.
net pay- How much money a person takes home after deductions.
budget- A plan for spending money.
unit price- The cost of one of an item in a group; unit price = cost รท number or weight.
check- An order to pay money from your checking account to a person or company.
deposit- Putting money into a bank account.
deposit slip- A paper you fill out which tells you how much money you are depositing.
signature- The way you sign your name.
checkbook ledger- A record of checks and deposits made to a checking account.
balance- How much money is in an account.
withdrawal- Money taken out of an account.
passbook- A book for keeping a record of deposits and withdrawals and the balance.
interest- Money the bank pays you for keeping your money in an account.
receipt- A bank paper that says how much money you deposited.
account number- The number stamped on your passbook which identifies your account.
