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Fixed Cost, Variable Cost, Opportunity Cost, Assets, Costs, Credit, Income…
Fixed Cost
Expenses, like bills, that must be paid each month and generally cost the same amount. Some fixed expenses,like a utility bill, may also be variable because the amount changes each month depending on usage.
https://www.youtube.com/watch?v=V8LgmmwtZgQ
Fixed Cost Definition
Variable Cost
Expenses that change amount from month to month.
https://www.youtube.com/watch?v=Ck2cf-F8Ezw
Variable Cost Definition
Opportunity Cost
Cost of the next use of your money or time when you choose to buy or do one thing rather than another.
https://www.youtube.com/watch?v=NwOYLV-L7pc
Opportunity Cost Definition
Assets
An item with economic value, such as stock or real estate.
https://www.youtube.com/watch?v=rOsuqG_J0t4
Assets Definition
Costs
The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
https://www.youtube.com/watch?v=X4Fqy3JJY0U
Costs Definition
Credit
Something that is a disadvantage, money owed, or a debt or obligation according to law.
https://www.youtube.com/watch?v=p1k6EKTQHbs
Liability Definition
Income
Money earned or received such as wages or salaries, tips, commissions, contracted pay, government transfer payments, dividends on investments, tax refunds, gifts, and inheritances.
https://www.youtube.com/watch?v=fpyNdYYcqAY
Income Definition
Wage
Compensation received by employees for services performed. Usually, wages are computed by multiplying an hourly pay rate by the number of hours worked.
https://www.youtube.com/watch?v=uwO2Ggfwdhk
Wage Definition
Salary
Compensation received by an employee for services performed. A salary is a fixed sum paid for a specific period of time worked, such as weekly or monthly.
https://www.youtube.com/watch?v=R04-hTZokn0
Salary Definition
Job
A specific arrangement where you work for an employer.
https://www.youtube.com/watch?v=bpVUysn0fdc
Job Definition
Career
A profession that may span your lifetime and includes your education, training, professional memberships, volunteering, and full history of paid work. Can be a synonym for occupation.
https://www.youtube.com/watch?v=OE6t9UmZZAk
Career Definition
Employer
A profession that may span your lifetime and includes your education, training, professional memberships, volunteering, and full history of paid work. Can be a synonym for occupation.
https://www.youtube.com/watch?v=KsxtzrKt5jg
Employer Definition
Employee
A person employed for wages or salary, especially at nonexecutive level.
Employee Definition
https://www.youtube.com/watch?v=vXxPUCCJLd8
Net Income
Amount of money you receive in your paycheck before taxes are taken out.
https://www.youtube.com/watch?v=X25RV1mi4LU
Net Income Definition
Gross Income
Total pay after taxes and other deductions are taken out.
https://www.youtube.com/watch?v=yWI8SAaZ4Gs
Gross Income Definition
Property Tax
Taxes on property, especially real estate, but also can be on boats, automobiles (often paid along with license fees), recreational vehicles, and business inventories.
https://www.youtube.com/watch?v=72QuLo5Q9MY
Property Taxes Definition
Income Tax
Federal, state, and local taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends). Includes both personal and business or corporate income taxes. Not all states and localities have income taxes.
https://www.youtube.com/watch?v=S1i3hEgeelI
Income Taxes Definition
Sales Tax
A tax on retail products based on a set percentage of the retail price.
https://www.youtube.com/watch?v=pNPq3loKTPU
Sales Tax Definition
Budget
A plan that outlines what money you expect to earn or receive (your income) and how you will save it or spend it (your expenses) for a given period of time; also called a spending plan.
https://www.youtube.com/watch?v=KYACPi_o768
Budget Definition
Debit Card
A card used to make purchases at businesses (like grocery stores and gas stations) with money in your checking account.
https://www.youtube.com/watch?v=4zCVvfBCUrY
Debit Card Definition
Credit Card
An open-ended loan that allows you to borrow money up to a certain limit and carry over an unpaid balance from month to month. There is no fixed time to repay the loan as long as you make the minimum payment due each month. You pay interest on any outstanding credit card loan balance.
https://www.youtube.com/watch?v=GGPMk4yZSvM
Credit Card Definition
Interest
A fee charged by a lender, and paid by a borrower, for the use of money. A bank or credit union may also pay you interest if you deposit money in certain types of accounts.
https://www.youtube.com/watch?v=JUzNZhhvXuE
Interest Definition
