MM1
_________________________ loan which accrues interest from the time it is borrowed, including while the borrower is in school
unsubsidized loan
The steady rise in the general level of prices is called
inflation
The willingness and ability of consumers to buy goods and services
demand
formula used to calculate simple interest
PRT (principal rate time)
For an hourly worker, gross pay is found by multiplying the number of hours worked by the hourly _________
rate of pay
S.M.A.R.T. stands for...
Specific, Measurable, Attainable, Relevant, Time-Bound
The ability to turn assets or investments into cash easily and quickly
Liquidity
_________ are often based on financial need and do not need to be repaid unless you do not complete the requirements
Grants
In a market economy, the ____________ for an item is set at a point that consumers are willing to pay and sellers are willing to accept.
price
What is the most important soft skills in today's workplace?
communication
Also known as take-home pay, this is the amount left after all payroll deductions have been taken from your check.
Net pay
A quick way to estimate how long it takes for your money to double is called...
Rule of 72
Regular pay or straight time is your normal hourly wage if you only work up to _______ hours in a week.
40
A health care program for the elderly and disabled
medicare
Helps provide retirement income for the elderly and pays disability benefits
Social Security
Which of the following degrees require the least time to complete
associates
The form that lets your employer know how much to withhold from your paycheck
W-4
______________ is money charged for teaching and instruction provided by a school.
Tuition
What is the formula for the Rule of 72?
72 / interest rate
This form states the amount of money earned and taxes paid for the previous year. It is used to complete income tax forms for the IRS
W-2
Signature on the back of the check designating who to pay
Endorsement
The total amount of earnings before any deductions are taken out
Name the 3 functions of money
(1) Medium of Exchange; (2) Store of Value;
(3) Unit of Account
Name the 2 items taken out of your paycheck for FICA
Medicare and Social Security
What does the acronym FDIC stand for
Federal Deposit Insurance Corporation