I for Income
Money you have earned from your job, Primary source of income.
What is Earned income?
A strategy where employees rotate between two or more jobs in the same business.
What is Job Rotation?
Something that motivates you to do a task
What is Incentive?
Amount of income used to calculate the taxes owed by an individual or a company.
What is Taxable income?
Salary divided by the # of months.
What is Salary Pay?
What is an education leads to more money?
A form of job arrangement where two or more share the responsibility of a full time position and split hours.
What is Job Sharing?
Driving force that encourages others to improve their well being.
What is profit motive?
This is an example of a deduction
What are mortgage interest, retirement plan contribution, HSA contribution, student loan interest, charitable contributions, medical and dental expenses, gambling losses, and state and local taxes?
Original Price x Rate of Discount
What is Discount?
Money distributed by owning shares.
What is Dividend Money?
This is an advantage of Contract Work.
What are flexible schedule, higher pay, gain skills in a short period of time, increases professional network, interview process is faster?
Name an economic freedom of a business.
What are businesses enjoy producing what they want, hire who they want, make as much of item as they want and set the price they want?
An expense that can be subtracted from your adjusted gross income to reduce tax bill.
What is itemized deduction(s)?
Rate x # of hours worked
What is Hourly Pay?
Name at least 2 of the 5 Economic Conditions (Factors)
What are Inflation, Interest Rates, GDP, Exchange Rates, Unemployment Rate, Global Economic Conditions?
A disadvantage of Job Sharing
What are finding compatible partners may be challenging, Replacing a partner who leaves can be challenging, Reversing the arrangement can be a problem, If employees overlap, more workspace is needed?
The main rule of Voluntary Exchange
What is that it must benefit the buyer and seller?
Amount of money can be offset against a tax liability.
What is Tax credit?
Original Price x Tax Rate
What is Sales Tax?
How is Income effected by skills?
What is being equipped with certain skills increases income or at least gives you the choice to negotiate?
Based on how people perceive the world and their decision making.
What is Myer-Briggs Personality Test?
Most efficient producers survive, least efficient producers will fail or produce a different product.
What is competition?
Can be excluded from taxation by federal or state governments.
What is exemption?
Gross Profit/Sales x 100
What is Gross Profit Margin?