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Personal Fin Unit 1

Personal Finance Unit 1 Vocab

Barter Exchanging good for good
Durability Money can last
Portability Money can be carried
Divisibility Money can be divided into smaller denominations
Uniformity Money all looks similar
Limited Supply There is a set amount of money in the world
Acceptability The citizens of a country like and use the money
Lawful Money Silver and Gold, money backed by silver/gold
Fiat Monetary System Uses legal tender
Legal Tender Money NOT BACKED by silver or gold
Treasury Department Government agency responsible for printing cash and minting currency
Cashless Ability to pay for things without cash
Career A group of related jobs that you will have throughout your life (primary source of income)
Gross Income What your company pays you to work
Net Income/Take home Pay What you get to take home (after taxes and deductions)
Deductions Money that is taken out of your paycheck for things like health insurance, pensions, union dues, etc...
FICA Social Security Tax
FICM Medicare Tax
Adjusted Gross Income Your income minus any adjustments to your income
Taxable Income Income your taxes are based on
Standard Deductions Used to reduce a person's gross income for tax purposes, include set amounts for singles, married couples and heads of households
Itemized Deductions Used to reduce a person's gross income for taz purposes - but people have to SAVE ALL THEIR RECIEPTS!
Tax Credits Reduce the taxes you owe $ for $
Created by: abolin