1
The series of changes in life
Life cycle
The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents
Exemption
A tax you pay to the state rather than to the national government
State taxes
Something generally accepted as a medium of exchange
Money
This is the income received prior to taxes and deductions.
Gross pay
Your wages AFTER taxes and deductions
Net wages
Fixed regular payment made by an employer to an employee
Wages
Exchange for other goods and services without using money
Barter
Money received for work or through investments
Income
Valuable return
Profit
The total amount of a specific good or service available to consumers
Supply
A person who relies on another for financial support
Dependents
IRS (International Revenue Service)
These taxes are taken out of your paycheck by the federal government and used to provide income to elderly people.
Social Security
A card that allows purchases on credit
Credit Card
A society in which purchases of goods or services are made by credit card or electronic funds transferal rather than with cash or checks
Cashless society
Income tax
An unexpected gain in income
Windfall income
An extra benefit supplementing an employee's salary
Fringe Benefits
Customers desire to purchase goods and services at given prices
Demand
A persons earnings required by a court order to be withheld by an employer for payment
Garnishment
Capacity or facility for rising to higher social or economic position
Upward mobility
Document and employee receives giving details of money they have been paid
Paycheck sub or earnings statement
The financial ability to buy products and services
Purchasing power
An intangible asset or qualities not listed on a company's balance sheet
Human Capital