Category 1
Amount of income left after taxes and deductions have been taken out.
What is Net income?
The amount of money spent by a business in making products.
What is Cost?
A fixed tax of money charged on a good
What is sales Tax?
Health coverage for anyone 65 or over
Examples of revenue for a bakery
What is selling cakes?
Income before payroll taxes such as federal income tax and state income tax are taken out.
What is Gross Income?
Rate of pay for each hour worked
What is Hourly Wage
Provides benefits to Americans that retired
What is social security?
A minimum price that an employer can pay a worker for an hour of labor
What is Minimum Wage?
The amount paid for working time in a week that is beyond the standard 40 hour work week.
What is overtime wage?
yearly tax on propety you own
property tax
5% sales tax on $5
$5.25
People receive money in exchange for the use of their property
What is Rent Income?
Profit is
when revenue is higher than costs?
Costs that change as output changes
What is variable costs?
Yearly Income before taxes
Gross Annual Income
The total amount of income a business earns from selling its products.
What is Total Revenue?
A reward that is cash or has cash value, given by an employer to employees. It is often linked to job performance.
What is Bonus?
Cost that do not change as output changes
What is Fixed Cost?
George receives $1,500 a month. His Taxes are $320, SSS is $90, and Medicare is $100. How much is left for his take home pay?
$990