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Vocab Unit 1
Term | Definition |
---|---|
Barter | Exchange goods for services |
Cashless Society | Purchases are mad by credit cards or electronic funds |
Credit Card | Small plastic cards allowing holders to purchase off of credit |
Debit Card | Card issued to users that allows them to transfer money electronically |
Dependents | A person who relies on another |
Electronic Transfer | Electronic transfer of money from one bank to another |
Exemptions | Process of exempting a person from paying taxes on a specified amount of income |
Fringe Benefits | An extra benefit supplementing an employee's salary |
Gross Income | A persons total individual income before accounting for taxes |
Garnishment | Money or property of a third party owner be seized to satisfy a debt owner |
Inflation | General increase in prices and fall in the value of money |
Inheritance | Money you get when someone dies |
Human Capital | The skills knowledge viewed in terms of value or cost |
Internal Revenue Service (IRS) | Collects taxes |
Money | Current medium of exchange |
Money Order | A printed order of payment of a specific sum |
Net Pay | Amount of money left in a person's paycheck after all deductions have been taken out |
Profit | A financial gain especially in the difference of amount made and spent |
Paycheck Stub | Piece of paper given to each employee with each paycheck , shows amount of money earned |
FICA Tax | Tax imposed on employees to pay for social security and Medicare |
Treasury Department | Federal department that collects money and collects revenue |
Upward Mobility | Rising in social classes |
Windfall Income | Unexpected gain in income such as winning the lottery |
Wage | A fixed regular payment |