unit 1 vocab
what is a consumer
a consumer is someone who buys and uses goods.
what is FICA and what does it stand for
fica is a payroll tax, it stands federal insurance contributions act
a currency used to purchase goods
what is health insurance
health insurance helps you pay for all or some of your medical expenses
what are the states that start with A
alabama , Alaska , Arkansas, arizona
what is supply
a supply is making goods available to someone
what is sales tax
sales tax is the tax that is on goods and services you purchase.
what is scarcity?
scarcity is the shortage of something
what is auto insurance
auto insurance is insurance that protects you/your car in financial loss in an accident
United States capital
Washington DC
what is a resource
a resource is something that can help a person
what is property tax
property tax is the tax that is on the property you purchase
what is a bank
a bank is a financial institution that keeps your money safe and helps with loans if you need one
what is life insurance
how many states are there
50
what is opportunity cost
opportunity cost is when you pick between 2 things and the one you pick helps you more.
what is income tax
it is the tax that is on your paycheck
what is compound interest
it is interest you earn on interest
what is long term disability coverage?
long term disability is the insurance you can use to still provide income for long term illness and injuries
how many capitals are there
51
what is the difference between wants and needs
wants is something that you don't need like a new phone, candy, a soda. While a need is a necessity such as water, food, clothes
why are there taxes
there are taxes because the government needs to improve and maintain public infrastructure such as roads and fund public services such as schools emergency services and welfare programs
what is the different between a credit union and a bank
banks are for profit institutions while credit unions are not for profit
how many types of insurance are there ( numerical form of answer)
4
what is mr gartrells favorite state
california