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Wise 1-20
epf terms
| Term | Definition |
|---|---|
| Cash card/gift card | A prepaid card that can be used to make purchases at specific stores or for specific services. |
| Cashless society | An economic state where financial transactions are conducted through digital means rather than physical cash. |
| Barter | A system of exchange where goods or services are traded directly for other goods or services without using money. |
| Check | A written order directing a bank to pay a specific amount from a person's account to another party. |
| Credit card | A plastic card issued by a financial institution allowing the cardholder to borrow funds to pay for goods and services. |
| Debit card | A plastic card that deducts money directly from a consumer's checking account to pay for a purchase. |
| Dependents | Individuals who rely on someone else for financial support, often children or other family members. |
| Earnings | The income generated from work or investments. |
| Electronic transfer | The process of transferring money from one bank account to another through electronic means. |
| Employment benefits | Various non-wage compensations provided to employees in addition to their normal wages or salaries. |
| Gross wages | The total amount of money earned by an employee before any deductions are made. |
| Income | Money received, especially on a regular basis, for work or through investments. |
| Garnishment | A legal process through which a portion of a person's earnings is withheld for the payment of a debt |
| Human capital | The economic value of a worker's experience and skills. |
| Gift card | A prepaid card that can be used as a form of payment at specific retailers. |
| Income tax deductions | Expenses that can be deducted from gross income to reduce the amount of taxable income. |
| Inflation | The rate at which the general level of prices for goods and services rises, eroding purchasing power. |
| Exemption/Allowance | A deduction from taxable income that reduces the amount of income subject to tax. |
| Federal taxes | Taxes imposed by the federal government on income, sales, and other activities. |
| Fringe benefits | Additional benefits offered to employees, such as health insurance, retirement plans, and paid time off. |
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moonpool13
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