Payroll and Tax Concepts
This is the total amount earned by an employee before deductions are taken out.
What is gross pay?
The law that states as the price of a good increases, producers are willing to supply more.
What is the Law of Supply?
In the 50-20-30 budgeting rule, this percentage is allocated to savings
What is 20%
This measures the total value of all goods and services produced within a country over a specific period.
What is GDP?
This document provides details about earnings, deductions, and net pay for an employee.
What is a paystub?
This government program provides health insurance to individuals 65 and older and is funded through payroll taxes.
What is Medicare?
The term for goods that see a significant change in demand when their price changes, such as luxury items.
What are elastic goods?
This method of debt repayment focuses on paying off the smallest debts first.
What is the Debt Snowball Method?
In this type of economy, both private enterprise and government intervention coexist
What is a mixed economy?
Fixed-term savings accounts that offer higher interest rates than savings accounts are known as this.
What are certificates of deposit (CDs)?
A retirement savings plan where contributions are made pre-tax, reducing taxable income.
What is a 401(k)?
This type of market structure features many sellers offering similar but differentiated products.
What is monopolistic competition?
Regular payments made to maintain insurance coverage are called this.
What are insurance premiums?
The natural resources used in production, such as land and water, fall under this category of production factors.
What is land?
This term refers to the percentage charged annually for borrowing money on a credit card or loan.
What is APR (Annual Percentage Rate)?
Errors in completing this form could result in owing taxes at the end of the year or overpaying throughout the year.
What is the W-4 form?
These individuals drive market demand by purchasing goods and services.
Who are consumers?
The key difference between saving and investing lies in this factor.
What is risk?
When demand for a product increases while supply decreases, this happens to prices.
What is prices increase?
This psychological phenomenon causes people to avoid losses more than they seek equivalent gains.
What is loss aversion?
The term for the amount an employee takes home after taxes and other withholdings.
What is net pay?
A measure of how much the quantity demanded of a good responds to a price change
What is price elasticity of demand?
This budgeting strategy ensures funds are set aside for retirement and emergencies
What is savings?
This factor of production involves innovation and risk-taking in business
What is entrepreneurship?
The decentralized ledger technology enabling secure transactions is called this
What is blockchain?