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Personal Finance Uni
Ms Loveless's class NCS
| Question | Answer |
|---|---|
| Deduction | A sum of money that is or may be deducted. |
| Disposable income | Income after taxes that is available to you for saving/spending |
| Employee benefits | non-wage compensations provided to employees in addition to normal wages. |
| Entrepreneur | a risk taker who goes on a business venture for profit |
| Exemptions | a deduction allowed to a taxpayer because of status (blind, senior, etc.) |
| Human capital | a way of defining and categorizing people's skills and abilities as used in employment and otherwise contribute to the economy |
| Human resources | people that staff and operate an organization |
| Incentives | a factor that enables or motivates a particular course of action or effort |
| Income | the financial gain occurring over a period of time |
| Labor unions | an organization of workers who have banded together to achieve common goals |
| Medicare | health care for the aged- a federally administered system of health insurance for those over 65 |
| Payroll deductions | reduction of amounts paid to a worker from the worker’s earnings |
| Social security | social welfare program- old age and survivor’s insurance, unemployment insurance, old age assistance |
| Worker’s compensation | insurance for employees that get ill or injured on the job |
| Fixed expenses | always the same amount owed every month (rent, car payments) |
| Variable expenses | costs that change from month to month (gas, food) |
| Periodic expenses | not every month (birthday gifts, car repairs) |
| Cash flow | the money you have going in and out |
| Gross income | total amount of income before deductions |
| Net income | paycheck after deductions (what you deposit or cash in) |
| 4 federal tax deductions | Federal income tax, state income tax, social security, medicare tax |
| Federal income tax | a fee to support the federally funded government programs and is paid to the IRS |
| State income tax | a fee collected and paid to the state revenue department to support state programs and is paid to the state revenue department to support state programs |
| Social security tax | is collected to fund this federal fund which provides for old age, survivors, and disabled |
| Medicare | is collected to fund the hospital insurance |
Created by:
LeoCallie2
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