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