Upgrade to remove ads
Unit 2: Income and Taxation
Terms in this set (44)
a complete and careful examination of the financial records of a business or person
a plan used to decide the amount of money that can be spent and how it will be spent
A profession for which one trains and which is undertaken as a permanent calling.
A working establishment where only people belonging to the union are hired. It was done by the unions to protect their workers from cheap labor.
A company whose workers are hired without regard to their membership in a labor union
Process by which a union representing a group of workers negotiates with management for a contract
A mechanism for procurement of a product or service with specific obligations for both sponsor and recipient. Typically, a research topic and the methods for conducting the research are specified in detail by the sponsor, although some sponsors award these in response to unsolicited proposals.
A business owned by stockholders who share in its profits but are not personally responsible for its debts
Monthly benefits paid under Social Security to workers (and eligible dependents) younger than the Social Security retirement age if they have a disability.
Income remaining for a person to spend or save after all taxes have been paid
A payment from profits by a company's Board of Director's to shareholders. (Dividends are issued on a regular basis and can be either increased or decreased).
a person who starts up & takes the risk of a business;
a person who organizes, manages, and takes on the risks of a business
Accepting the risk of starting and running a business.
An expense is an outflow of money to another person or group to pay for an item or service, or for a category of costs.
a process used to achieve financial success based upon the development and implementation of financial goals and planning
Government coupons that can be used to purchase food.
Earnings from work or investment
An organization of workers that tries to improve working conditions, wages, and benefits for its members
Currency; Anything generally accepted in exchange for goods and services
A business in which two or more persons combine their assets and skills
amounts withheld from an employee's gross pay, either required or voluntary.
A tax rate that increases as the amount of ones income increases
taxes that require all income groups to pay the same percentage of their income in taxes
Taxes that take a smaller share of income as the amount of income grows
A source or supply or support; Anything that is used to produce goods or services.
A business that sells goods or services directly to the public.
a fund of money put by as a reserve
A situation in which unlimited wants exceed the limited resources available to fulfill those wants
an unincorporated business owned by a single person who is responsible for its liabilities and entitled to its profits
(FDR) 1935, guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health
a plan for spending and saving money based on a person's goals during a given time
A stock of a resource from which a person or place can be provided with the necessary amount of that resource.
Fees for the support of government required to be paid by people and businesses.
Expense that a taxpayer is allowed to deduct from taxable income; examples include money paid as home mortgage interest and charitable donations.
An exchange of one thing in return for another; especially relinquishment of one benefit or advantage for another regarded as more desirable.
Number of unemployed/civilian labor force
a government program that partially protects workers' incomes when they become unemployed
Beliefs of a person or social group in which they have an emotional investment (either for or against something); Cherished ideas and beliefs that affect decisions a person makes.
Goods that are purchased to add comfort or pleasure to life
governmental provision of economic assistance to persons in need
The Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) provides Federal grants to States for supplemental foods, health care referrals, and nutrition education for low-income pregnant, breastfeeding, and non-breastfeeding postpartum women, and to infants and children up to age five who are found to be at nutritional risk.
A regular activity performed in exchange for payment
money paid to workers who were injured on the job and are unable to work
You might also like...
Chapter 2: Personal Finance
Econ Pre-AP Test
Economics Chapter 22 & 23
Other sets by this creator
Unit 5: Investment and Wealth Building
Tessa Dumadag Unit 4: Credit and Debit
Unit 3: Personal Banking
Unit 1: Choices, Values, Goals, and Needs (Tessa D…