Personal Finances Building Vocabulary
Terms in this set (20)
The price paid for borrowing money.
Money a company has left over after subtracting the costs of doing business.
supply and demand
Supply: amount of a good or service available for use. Demand: desire for a particular good or service.
Person or business that makes and sells products.
Person or business that buys, or consumes, products.
The act of concentrating on a limited number of goods or activities.
A person who organizes and manages his or her own business.
The act of using money in the hopes of making a future profit.
A plan that shows income and expenses over a period of time.
An arrangement in which a buyer can purchase something and pay for it over time.
The money paid to an employee.
federal income tax
A tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities.
state income tax
A tax levied on income at the state level.
FICA-The Federal Insurance Contributions Act
The Federal Insurance Contributions Act is a U.S. law that creates a pay roll tax requiring a deduction from the paychecks of employees as well as a contribution from employers.
the cost required for something; the money spent on something.
the fact or process of losing something; an amount of money lost by a business or organization.
an economic system in which private business operates in competition and largely free of state control.
money received, especially on a regular basis, for work or through investments.
the management of large amounts of money, especially by governments or large companies.
require the payment of a specified sum of money before it can be acquired or done.