paychecks
what is a paycheck
a paycheck is something that a employer gives an employee as a payment of services
what is property tax
tax imposed on property
what is a mortgage
a loan someone takes out to by a home
what is a need
something that is necessary or required for life
the amount of money left after all deductions
what does coa stand for
cost of attendance
what is sales tax
tax imposed on economic transactions
down payment
what you pay right then and there
what is a want
something that is unnecessary but desired. (You still need some wants to be happy though)
what is gross pay
the total amount of money earned during a pay period before deductions
what does fafsa stand for
free application for federal student aid
what is proportional tax
a tax that takes the same percentage of income from all groups
interest
the fee that the lender charges to borrow
what are values
something that is desirable, worthwhile and important (what guides your decisions)
what is direct deposit
when the employer directly deposits the paycheck into the employee's bank account
what does efc stand for
estimated family contribution
what is progressive tax
a tax that takes a larger percentage of income from higher income groups than lower income groups
principal
the amount of money you borrow
what is opportunity cost
the value of the next best alternative you gave up when you selected a different choice
what is a paystub
a document which includes each pay period which outline paycheck deductions + history
what is the cost of attendance (COA) - estimated family contribution (EFC)
what is regressive tax
a tax that takes a larger percentage of income from low income groups than high income groups
insurance
acts as a protection to the house
scarcity
when there's a limited amount of resources to meet humanity's unlimited wants and needs