Fin Lit Terms

Front

Annually

Back

Occurring every year

Front

Hourly Rate

Back

Set amount paid for each hour of work.

Front

Overtime

Back

Time worked beyond regular 40 hours.

Front

Interest

Back

A percentage of the money that is in an account that a bank pays on some accounts.

Front

Biweekly

Back

Twenty-Six times a year, every other week

Front

Savings

Back

An account in which the bank pays interest for use of the money deposited into the account.

Front

Net Pay

Back

The amount left over after deductions are taken out of the gross pay. Some call this take-home pay.

Front

Checking

Back

An account at a bank that allows a customer to deposit money, make withdrawals, and make transfers from the funds on deposit (everyday account).

Front

Gross Pay

Back

Total amount earned before deductions are subtracted

Front

Salary Pay

Back

Fixed compensation paid regularly for services. Traditionally, these employees don't receive any additional compensation for overtime.