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FM Vocab 1

Vocabulary for "How We Get Money" in Financial Management

TermDefinition
Barter Exchange (goods or services) for other goods or services without using money.
Cashless Society A society in which purchases of goods or services are made by credit card or electronic funds transferal rather than with cash or checks.
Credit Card A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
Debit Card A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
Dependents A person who relies on another, especially a family member, for financial support.
Electronic Transfer The electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems and without the direct intervention of bank staff.
Exemptions The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents.
Fringe Benefits An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Gross Income An individual's total personal income before accounting for taxes or deductions.
Garnishment A court order directing that money or property of a third party (usually wages paid by an employer) be seized to satisfy a debt owner by a debtor to a plaintiff creditor.
Inflation A general increase in prices and fall in the purchasing value of money.
Inheritance Money or objects that someone gives you when they die.
Human Capital The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
Internal Revenue Service (IRS) A U.S. gov't agency responsible for the collection of taxes and enforcement of tax laws.
Money A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.
Money Order A printed order for payment of a specified sum, issued by a bank or post office.
Net Pay The amount of a person's paycheck left over after any deductions are taken out. This commonly includes federal and state tax withholding, social security and Medicare taxes.
Profit A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Paycheck Stub A piece of paper that is given to an employee with each paycheck. It shows the amount of money that the employee earned and the amount that was removed for taxes, insurance costs, etc.
FICA Tax Federal Insurance Contributions Act - A United States federal payroll (or employment) tax imposed on both employees and employers to fund social security and Medicare.
Treasury Department The federal department that collects revenue and administers federal finances, created in 1789
Upward Mobility Rising from a lower to a higher social class or status.
Windfall Income An unexpected gain in income which could be due to winning a lottery, unforeseen inheritance or a shortage of supply.
Wage A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee.
Created by: rdailey274455