barter
To exchange goods or services without the use of money
cash card/gift card
any card that you can insert into an ATM or other cash dispenser, or a pre-paid credit card, or a card with a preset cash value from a particular store
cashless society
a society in which all bills and debits are paid by electronic money media
check
a written order directing a bank to pay money to the person named
credit card
a card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered
debit card
a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account
dependents
people who rely on another person for primary financial support----e.g..children, spouse, other family member.
earnings
the money a worker is paid, profits from running a business
electronic transfer
a computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents
employment benefits
a method of rewarding employees that includes virtually any kind of compensation other than wages or salaries
exemptions
Items that can be deducted from your total income before taxes are assessed
federal taxes
Taxes assessed on both employers and employees; for Social Security and Medicare programs.
fringe benefits
extras provided by employers (other than wages)
garnishment
a court order to an employer to withhold all or part of an employee's wages and to send the money to the court or to the person who won a lawsuit against the employee
gift card
looks like a credit card and is given as a present with a certain amount of money on it to be used at a particular store
gross wages
total amount of money earned before deductions are taken
human capital
the sum of the skills, abilities, health, and motivation of people
income
the financial gain (earned or unearned) accruing over a given period of time
income tax deductions
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax.
inflation
a general and progressive increase in prices
inheritance
something that is given to someone after the owner dies
wages
payment usually of money for labor or services, An amount of money paid to an employee at a specified rate per hour worked
windfall income
any type of additional income over expenses that is completely unexpected
IRS (Internal Revenue Service)
the office established to collect federal income taxes, investigate violations of the tax laws, and prosecute tax criminals.
life cycle
The regular pattern of income variation over a person's life
local taxes
taxes paid by an individual to his or her locality
money
the official currency issued by a government or national bank
money order
a written order for the payment of a sum to a named individual
net pay
the total earnings paid to an employee after payroll taxes and other deductions
paycheck
a check issued in payment of wages or salary
paycheck stub
This part lists the paycheck deductions as well as other important information. It is attached to the paycheck to show the deductions.
payroll deductions
are the amounts subtracted from gross income which results in your net income
profit
the amount of money left over after expenses are taken out
purchasing
the function in a firm that searches for quality material resources, finds the best suppliers, and negotiates the best price for goods and services
rental
the act of paying for the use of something (as an apartment or house or car)
social security tax (FDIC)
a federal tax paid for old-age, survivors, and disability insurance
state taxes
sales and gross receipt taxes, property taxes, user taxes, personal income taxes, inheritance taxes, payroll and business taxes, corporate income taxes, unincorporated income taxes,
store card
a credit card which can only be used to buy goods in one particular shop or chain of shops
store cash card
may be used at a store to pay for purchases
supply and demand
an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)
tax refund
A check returning the taxpayers money to the taxpayer after tax retuns are filed and the over paid tax is determined.
United States Treasury
the federal department that collects revenue and administers federal finances
upward mobility
is a change in a person's social status resulting in that person receiving a higher position in their status system.