Personal Fin Unit 1 Word Scramble
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Question | Answer |
Barter | Exchanging good for good |
Durability | Money can last |
Portability | Money can be carried |
Divisibility | Money can be divided into smaller denominations |
Uniformity | Money all looks similar |
Limited Supply | There is a set amount of money in the world |
Acceptability | The citizens of a country like and use the money |
Lawful Money | Silver and Gold, money backed by silver/gold |
Fiat Monetary System | Uses legal tender |
Legal Tender | Money NOT BACKED by silver or gold |
Treasury Department | Government agency responsible for printing cash and minting currency |
Cashless | Ability to pay for things without cash |
Career | A group of related jobs that you will have throughout your life (primary source of income) |
Gross Income | What your company pays you to work |
Net Income/Take home Pay | What you get to take home (after taxes and deductions) |
Deductions | Money that is taken out of your paycheck for things like health insurance, pensions, union dues, etc... |
FICA | Social Security Tax |
FICM | Medicare Tax |
Adjusted Gross Income | Your income minus any adjustments to your income |
Taxable Income | Income your taxes are based on |
Standard Deductions | Used to reduce a person's gross income for tax purposes, include set amounts for singles, married couples and heads of households |
Itemized Deductions | Used to reduce a person's gross income for taz purposes - but people have to SAVE ALL THEIR RECIEPTS! |
Tax Credits | Reduce the taxes you owe $ for $ |
Created by:
abolin
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