ECONOMIC SYSTEMS
This system involves trading goods without money.
What is the barter system?
The first step in financial planning is identifying these.
What are goals?
This tax is added at checkout.
What is sales tax?
Interest earned on both the original money and previous interest.
What is compounding interest?
A spending plan is called this.
What is budgeting?
This type of economy involves sharing without a set agreement.
What is a gift economy?
Rising prices over time are known as this.
What is inflation?
Federal income tax officially began in this year.
What is 1913?
Reusable credit is called this type of credit.
What is open-ended credit?
A partial refund after a purchase is called this.
What is a rebate?
When demand is high and supply is low, this happens to prices.
What is “prices increase”?
The best alternative given up when making a decision.
What is opportunity cost?
This organization collects taxes in the United States.
What is the IRS?
Fixed payments over time are known as this type of credit.
What is installment credit?
Keeping financial records organized helps with this yearly responsibility.
What are taxes?
In this economy, prices are determined by businesses and individuals.
What is a market economy?
Companies often give away free items for this reason.
What is advertising exposure?
A tax system where higher-income earners pay more.
What is a progressive tax?
A high-risk investment with uncertain returns is called this.
What is a speculative investment?
The price per item is called this.
What is unit pricing?
This type of economy is based on private ownership and economic freedom.
What is free enterprise?
What is the next step after identifying goals in financial planning?
What is review spending?
This tax is paid on wages earned from a job.
What is income tax?
Before investing, you should first build this.
What is an emergency fund?
A celebrity promotion of a product is called this.
What is an endorsement?