Personal Finance Unit 1 Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Barter | Exchanging good for good
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| Durability | Money can last
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| Portability | Money can be carried
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| Divisibility | Money can be divided into smaller denominations
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| Uniformity | Money all looks similar
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| Limited Supply | There is a set amount of money in the world
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| Acceptability | The citizens of a country like and use the money
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| Lawful Money | Silver and Gold, money backed by silver/gold
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| Fiat Monetary System | Uses legal tender
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| Legal Tender | Money NOT BACKED by silver or gold
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| Treasury Department | Government agency responsible for printing cash and minting currency
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| Cashless | Ability to pay for things without cash
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| Career | A group of related jobs that you will have throughout your life (primary source of income)
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| Gross Income | What your company pays you to work
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| Net Income/Take home Pay | What you get to take home (after taxes and deductions)
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| Deductions | Money that is taken out of your paycheck for things like health insurance, pensions, union dues, etc...
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| FICA | Social Security Tax
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| FICM | Medicare Tax
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| Adjusted Gross Income | Your income minus any adjustments to your income
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| Taxable Income | Income your taxes are based on
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| Standard Deductions | Used to reduce a person's gross income for tax purposes, include set amounts for singles, married couples and heads of households
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| Itemized Deductions | Used to reduce a person's gross income for taz purposes - but people have to SAVE ALL THEIR RECIEPTS!
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| Tax Credits | Reduce the taxes you owe $ for $
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
abolin
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