AjiaW3.1
Terms
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- Occurs because our resources are limited and our wants are unlimited
- Scarcity
- Things you don't need to survive
- Wants
- Materials, products or waste that has potential value and can be used to process new useful products.
- Resources
- Physical, intellectual, and creative talents of people
- Human Resources
- Materials or energy from the environment used for human needs.
- Natural Resources
- All the resources made and used by people to produce and distribute goods and services
- Capital Resources
- The value of what you give up in order to get what you want.
- Opportunity Cost
- Learning how to manage your money wisely.
- Personal Finance
- A person that has his/her own business.
- Entrepreneur
- Money paid to individuals on exchange for work or use of property
- Income
- Investing in people primarily through education and training.
- Human Capital
- Total amount of money earned before any deductions are made.
- Gross pay
- The amount left after all deductions are taken out of gross pay.
- Net Pay
- Money taken from your paycheck for various reasons.
- Deductions
- money paid to the government for services provided by the federal government such as defense, and monitoring, and regulation of trade.
- Federal income tax
- Money you pay the state you live in for roads, safety, and health.
- State Income tax
- Money you set aside for old-age,survivors, and disability insurance.
- Social Security tax
- Money you put away for certain health care insurance.
- Medicare tax
- Insurance coverage used to pay a salary to those that are unemployed
- State Unemployment insurance
- Insurance coverage to pay a salary for people that have gotten hurt on a job and cannot work
- Workers Compensation insurance
- Insurance coverage that pays a beneficiary in the event that an employee dies.
- Life insurance
- The person that is chosen to receive life insurance money if a loved one dies.
- Beneficiary
- Insurance coverageif you are unable to work due to health reasons.
- Disability Insurance
- Insurance coverage for medical care expenses including hospitalization, surgery, and medical expenses.
- Medical Insurance
- Insurance coverage for dental care expenses, including preventive diagnostic, basic, major, and orthodonic services.
- Dental Insurance
- A tax deferred savings plan for retirement.
- Retirement Savings Plan
- Used by taxpayers with no deductions, no adjustments, income of only wages, interest, or unemployment compensation, and no dependents
- 1040 EZ
- The 1040 form is the Internal Revenue Service form that individuals use to fill out their yearly income tax returns
- 1040
- assets or properties owned by the debtor that cannot be recovered by creditors.
- Exemptions
- The amount of your income that is taxable.
- Adjusted Gross Income
- the amount on which you must pay Federal income tax.
- Taxable Income
- The Tax Table is provided for taxpayers with taxable incomes of less than $100,000.
- Tax Table
- The IRS form for the annual reporting of dividend and interest payments made to investors. Companies, mutual funds, banks
- 1099