Business and MarketingAccounting and Finance Unit

VOCABULARY

Payroll

A list of the people who work for a company and the amount of money that the company has agreed to pay the employee.The total amount of money that a company pays to all of its employees.

Income

Money earned from a job or other sources.

Deductions

An amount or percentage deducted. Example: Insurance and taxes

Sales Tax

A tax on sales or on the receipts from sales.

Interest Earned

The profit on money that is invested, which is usually a percentage of the invested amount.

Principal

The original amount of money borrowed or invested.

Checks

Checks are paper forms that people use to transfer money from one place to another.A written order directing a bank to pay money.

Debit Card

A card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account.

Gross Pay

The entire amount of income before any deductions are made. Amount earned before taxes, expenses, etc

Net Pay

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.

Investment

Money put aside for profit: A financial holding that is purchased with the expectation of increased value; investments can be secured or unsecured, and the expected value of return on one's investment is usually dependent on the degree of risk involved.