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Stack #425099

Ch. 1

QuestionAnswer
Business (economic) Cycle A wavelike pattern of rising and falling economic activity in which the same pattern occurs again and again over time.
Compound Interest Earning of interest on interest.
Employee Benefit Is compensation for employment that does not take the form of wages, salaries, commissions, or other cash payments.
Federal Funds Rate The rate that banks charge one another on overnight loans.
Financial Literacy Is your knowledge of facts, concepts, principles, and technological tools that are fundamental to being smart about money.
Financial Success Is the achievement of financial aspirations that are desired, planned, or attempted.
Flexible Spending Account (FSA) Government-approved, employer-sponsored accounts allow selected employee-paid expenses for medical or dependent care to be paid with employee's pre-tax dollars rather than after-tax income.
Future Value Is the valuation of an asset projected to the end of a particular time period in the future.
Inflation A steady rise in the general level of prices.
Interest The price of money.
Marginal Tax Rate The tax rate at which your last dollar earned is taxed.
Opportunity Cost A decision is the value of the next best alternative that must be forgone.
Personal Finance The study of personal and family resources considered important in achieving financial success; thus it involves how people spend, save, protect, and invest their financial resources.
Present Value (Discounted Value) The current value of an asset (or stream of assets) that will be received in the future.
Pre-tax Dollars Money income that has not been taxed by the government--lowers taxable income, decreases take home pay, and increases effective take home pay because of the reimbursements.
Purchasing Power A measure of the goods and services that one's income will buy.
Qualified Retirement Plan aka Tax Sheltered Retirement Plan Employer sponsored plans that are qualified by the IRS as vehicles in which to deposit tax-sheltered contributions. --401(k), 403(b), 457
Rule of 72 A formula to figure the number of years it takes to double the principal using compound interest.
Tax Sheltered Income Income that is exempt from income taxes in the current year but which will be subject to taxation in a later tax year.
Time Value of Money It adjusts for the fact that dollars to be received or paid out in the future are not equivalent to those received or paid out today.
Created by: namarque