Economics
labor
what is work
An inspection of a filer's tax return by the IRS
audit
A legal proceeding carried out to allow individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment
Bankruptcy
Children's Health Insurance Program. A program that provides low-cost health coverage to children in families who earn too much money to qualify for Medicaid
CHIP
A degree that generally takes two years of study and is awarded by a community, junior, or business college
Associates Degree
A model of the movement of goods, services, resources, and money in an economy.
what is a Circular flow
Anything of value that is owned
Asset
A record of a person's use of credit over time; 15% of your credit score is based on the length of your credit history
credit history
A formal request from the customer to an insurance company asking for a payment based on the terms of the insurance policy
claim
A free online application that current or prospective college students can submit each year to determine their eligibility for financial aid
FAFSA
The key measure of inflation- the change in the cost of buying a fixed basket of goods and services.
what is a consumer price index
Money from the profits of a company that is paid out to its shareholders, typically on a quarterly basis
Dividend
A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report
credit score
The amount of money you agree to pay towards your losses before your insurance coverage will begin paying
deductible
Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
co-signer
A graphical representation that shows the possible combinations of two products that an economy can produce, given that its productive resources are fully employed and efficiently used.
what is a production possibilities frontier
A category that defines the type of tax return an individual will use, primarily based on marital status; it also determines the size of your tax brackets and how much of your income is taxed at each rate
Filing status
Something, typically money, that you owe to a person or a business
debt
The amount of money you agree to pay towards your losses before your insurance coverage will begin paying
disability insurance
A period of time during which a borrower is typically not required to make loan payments. It generally begins on the day after a borrower graduates, leaves school, or drops below half-time enrollment.
Grace period
economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
what is a market economy
Taxes paid by employees to federal and state government through a direct deduction from their paycheck
Income tax
An agreement made between a creditor and a consumer in which the total debt balance owed is reduced and/or fees are waived, and the reduced debt amount is paid in a lump sum instead of revolving monthly.
debt settlement
An agreement where you make regular payments to a company and the company promises to pay you money if you suffer a specified injury, illness, loss, etc.
insurance
Student aid coming from the state or federal government, the school, or from private sources that does not need to be repaid
Grants