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TVS Finance Unit 1
Intro to Finance Unit 1
| Question | Answer |
|---|---|
| The result of adjustments subtracted from gross income | Adjusted Gross Income |
| Items of value that a peron owns | Assets |
| Company-provided supplemenets to salaries, such as sick pay, vacation time, and health insurance | Benefits |
| A spending and saving plan based on your expected income and expenses | Budget |
| A check that bears the bank's stamp, indicating it has cleared | Canceled check |
| A booklet used to record checking account transactions | Checkbook register |
| Amounts subtracted from gross pay | Deduction |
| Money left to spend or save after taxes have been paid | Disposable income |
| A written amendment to an insurance policy | Endorsement |
| An amount you may subtract from your income for each person who depends on your income to live | Exemption |
| A set of goals for spending, saving and investing the money you earn | Financial plan |
| Costs you are obligated to pay at specific times, regardless of other events | Fixed expenses |
| All taxable income received, including wages, tips, salaries, interest, dividents, unemployment compensation, alimony and so forth | Gross Income |
| The total amount you earn before any deductions are subtracted | Gross pay |
| Money offered to encourage employees to strive for higher levels of performance | Incentive pay |
| Amounts of money owed to others | Liabilities |
| The amount left after all deductions have been taken out of your gross pay | Net pay |
| A check written for more money than your account contains | Overdraft |
| The time worked beyond the regular hours; usually more than 40 hours in a five-day period | Overtime |
| The process of matching your checkbook register with the bank statement | Reconcillation |
| Money collected by the government from residents and businesses in the form of taxes | Revenue |
| A stated amount that you may substract from adjusted gross income instead of itemizing your deductions | Standard deduction |
| The income on which you pay tax | Taxable income |
| Income ranges to which tax rates apply | Tax brackets |
| An amount subtracted directly from the tax owed | Tax credit |
| Willful failure to pay taxes | Tax evasion |
| Costs that vary in amount and type, depending on events and the choices you make | Variable expense |
Created by:
TammieVanScyoc
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