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AMDM Unit 6 Vocab

TermDefinition
Salary Fixed regular payment, usually yearly but could be monthly or weekly. Advantages - Usually considered more prestigious – usually includes some sick leave. Disadvantages - Can’t earn overtime
Wage Typically paid by the hour. Advantages – Get paid for exactly the hours you work. Can earn overtime (time and a half) Disadvantages - If you don’t work, you don’t get paid.
Commission Percentage based on sales. Advantages – Potential to earn a lot of money. Disadvantages - If you’re not a good salesman, or if nobody’s buying, then you don’t get paid.
Gross Income Total income BEFORE any deduction are taken.
After-tax Income Income AFTER all taxes are withheld. What taxes are typically withheld from your pay? Federal income tax, State income tax, Social Security Tax, Medicare Tax
Benefits Added incentives above your pay that make a job desirable. Examples
Ivestment An asset or item that is purchased with the hope that it will generate income or appreciate in the future.
Compound Interest When interest is added to the principal of a deposit or loan, so that, from that moment on, the interest that has been added also earns interest.
Simple Interest A quick method of calculating the interest charge on a loan.
Certificate of Deposit A savings certificate entitling the bearer to receive interest.
Future Value The value of an asset or cash at a specified date in the future that is equivalent in value to a specified sum today.
Present Value The current worth of a future sum of money or stream of cash flows given a specified rate of return.
Risk (as it applies to investing money) The chance that an investment's actual return will be different than expected.
Inflation The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.
Created by: Deigh
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