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Vocab 1
| Term | Definition |
|---|---|
| Barter | Exchange(goods or services) for other goods or services without using money |
| Cashless Society | A society in which purchases of goods and services are made by credit card or electronic funds transferal rather than with cash or checks |
| Credit Card | A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit |
| Debit Card | A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase |
| Dependents | A person who relies on another, especially a family member, for a financial support |
| Electronic Transfer | Electronic transfer of money from one bank account to another either within a single financial institution or across multiple institutions, through computer based systems and without the direct intervention of bank staff |
| Exemptions | The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents |
| Fringe Benefits | An extra benefit supplementing a employees salary, for example, a company car, subsidized meals , health insurance |
| Gross Income | An individual's total personal income before accounting for taxes or deductions |
| Garnishment | A court order directing that money or property of a third party be seized a debt owed by a debtor to a plaintiff creditor |
| Inflation | Increase in prices and the fall in the purchasing value of money |
| Inheritance | Money or objects that someone gives you when they die |
| Human Capital | Skills, knowledge, and experience possessed by an individual or population viewed in terms of their value or cost to an organization or country |
| Internal Revenue Service (IRS) | Is a US government agency responsible for the collection of taxes ad enforcement of tax laws |
| Money | Current medium of exchange in the forms of coins and banknotes; |
| Money Order | Printed order for payment of a specified sum, issued by a bank or a post office |
| Net Pay | Amount of a person's paycheck left over after any deductions are taken out |
| Profit | Financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something |
| Paycheck Stub | A piece of paper that is given to an employee with each paycheck Shows the amount of money that the employee earned ad the amount that was removed for taxes insurance costs |
| FICA Tax | Federal insurance contributions act US federal payroll |
| Treasury Department | The federal department that collects revenue and administers federal finances The Treasury Department was created in 1789 |
| Upward Mobility | Rising from a lower to a higher social class or status |
| Windfall Income | Unexpected gain in income which could be due to winning a lottery, unforeseen inheritance or shortage of supply |
| Wage | A fixed regular payment typically paid on a daily or weekly basis, made by an employer to an employee |
Created by:
Jasminewitt1
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