All Things Money
anything widely accepted as final payment for goods and services
money
the price a seller can expect to receive for a product in a competitive marketplace
market value
the total earnings from both passive and active income sources
income
result of comparing your income and expenses to attempt to create a “balance”
budget
assessed based on the value property owned, including houses and cars
property tax
durable, portable, divisible, uniform, scarce, and accepted
characteristics of "good" money
the skills and knowledge a person has
human capital
costs which change in amount from month to month
variable costs
expenses outweigh income
deficit
collected on the sale of most goods and services
sales tax
has value in itself vs. has value because the government has declared that it is acceptable for paying debts
differences between commodity and fiat money
a quality that may affect one’s income as an employee
skills/education
car repairs, medical bills, losses from natural disaster or theft
examples of unanticipated expenses
income outweighs expenses
surplus
the information a worker provides determines how much is withheld from their gross pay for taxes
W-4 form
money acts as a _____ __ _____, making it easier to save and invest.
store of value
income earned as a direct result of a specific effort
active income
total money earned before deductions
gross income
opportunity for income earning
progressive tax
money acts as a _______ __ _____, making it easier to compare the value of goods and services
measure of value
money you earn in a way that requires little to no daily effort to maintain
passive income
results when deductions/contributions are subtracted from gross pay
net income (or pay)
Expenses which should be prioritized as they are indispensable and considered a "need".
necessities
Issued by employers & is an end-of-year summary of one’s gross taxable income & withholdings. Required for filing federal & state income tax returns
W-2 form