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Vocab Unit 1

TermDefinition
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
Created by: Rosario_Alex
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