Money and Income
What is money earned from working called?
Income
What document do you file with the IRS to report your income and calculate your federal taxes?
Tax Return
What is money borrowed that must eventually be paid back called?
Debt
What is the basic economic problem caused by unlimited wants and limited resources?
Scarcity
What is a plan for how you will spend and save your money called?
Budget
What is a payment made by an employer to an employee for work performed, usually based on hours worked?
Wage
What is a tax charged as a percentage of the price of goods and services?
Sales Tax
What three-digit number is commonly used to measure someone's creditworthiness?
Credit Score
What is the amount of a good or service that producers are willing and able to sell?
Supply
What are expenses that are necessary for basic living called?
Needs
What is a fixed amount of money an employee receives regularly, regardless of the number of hours worked?
Salary
What is a tax placed on property such as a home or land called?
Property Tax
What does APR stand for?
Annual Percentage Rate
What is the general increase in prices over time called?
Inflation
What is money set aside for unexpected expenses called?
Emergency Fund
What is money earned by allowing someone else to use your money?
Interest
What is a tax that takes a larger percentage of income from higher-income earners called?
Progressive Tax
What is an asset that a lender can take if a borrower fails to repay a secured loan?
Collateral
What does GDP stand for?
Gross Domestic Product
What is buying something primarily because of advertising, peer pressure, or impulse rather than need called?
Impulse Buying
What is the amount you earn before taxes and deductions?
Gross Income
What tax is used to help fund Social Security and Medicare?
Payroll Tax
What is the amount you currently owe on a credit card called?
Balance
What occurs when quantity demanded is greater than quantity supplied?
Shortage
What type of expense stays relatively consistent from month to month, such as rent?
Fixed Expense