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Economics
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Terms in this set (10)
Interest
The amount of money charged for borrowing or using money.
Gross Pay
An employee's pay before any deductions are taken.
Deductions
Using logic to show that a statement is true.
Net Pay
The amount that remains after all deductions are taken from the gross pay.
Simple Interest
A fixed percent of the principal.
Taxable Income
The total amount of income minus qualifying deductions.
Compound Interest
A combination of more than one inequality.
Principal
The initial amount of money borrowed or saved.
Federal Withholding
The amount of an employee's pay that the employer sends to the federal government as partial payment of the employee's yearly income tax.
Income Tax
Tax levied by a government directly on income, especially an annual tax on personal income.
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