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Econ Final Vocab

TermDefinition
W-2 wage and tax statement employers issue to employees showing wages and taxes withheld.
W-4 employee withholding certificate used to determine federal income tax withholding.
Form 1040 individual income tax return used to report income and determine tax owed or refund.
gross pay total earning before deductions.
net pay (take-home pay) earnings after all deductions
FICA federal insurance contributions Act; includes social security and medicare taxes.
inflation a general increase in prices of goods and services that money can buy.
nominal interest rate stated interest rate without adjusting for inflation
real interest rate nominal rate adjusted for inflation (approx: nominal - inflation)
real return investment return after adjusting for inflation
I Bond US Series I Savings Bond - designed to protect against inflation.
Certificate of Deposit (CD) a time deposit with fixed term and interest rate
FDIC Federal Deposit Insurance Corporation - insures bank deposits to reduce bank runs
Deficit annual shortfall when government spending exceeds revenue
debt cumulative total of past deficits minus surpluses
credit score a numeric measure of creditworthiness that affects loan terms.
secured loan loan backed by collateral (e.g., mortgage, auto loan)
unsecured loan a loan without collateral (e.g., most credit cards, personal loans)
adjustable-rate mortgage (ARM) a morgge with an interest rate that can change over time
dividend portion of a company's earnings paid to shareholders
capital gains profit from selling an investment; taxed differently for short vs. long term.
ticker symbol Short unique code identifying a publicly traded security.
Market cap Total market value of a company's outstanding shares.
volume Number of shares traded over a period.
Guns or butter A basic trade-off showing how governments allocate spending between military ("guns") and civilian goods/services ("butter").
Scarcity Limited resources relative to wants; basis for trade-offs.
Created by: AMoua
 

 



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