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100
A financial statement that measures a company's financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and nonoperating activities. (shows revenues, expenses, gains, and losses)
What is an income statement?
100
The total amount of money being transferred into and out of a business, especially as affecting liquidity.
What is cash flow?
100
A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.
What is a balance sheet?
100
The total of an employee’s regular remuneration, including allowances, overtime pay,commissions, and bonuses, and any other amounts, before any deductions are made.
What is gross pay?
100
The amount one receives after taxes and deductions have been withheld during a pay period.
What is net pay?
200
Income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes.
What is disposable income?
200
Income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items.
What is discretionary income?
200
The gross income of an individual or corporation, less any allowable tax deductions. Your taxable income is, in other words, the amount of your income that is subject to income tax.
What is taxable income?
200
A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee
What is a wage?
200
A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee
What is a salary?
300
An amount of money added to wages on a seasonal basis, especially as a reward for good performance
What is a bonus?
300
The amount of money that an individual receives based on the level of sales he or she has obtained
What is commission?
300
What you pay an employee (time and one half the employee’s regular rate pay) who works over 40 hours in a work week
What is overtime pay?
300
A federal insurance program that provides benefits to retired people and those who are unemployed or disabled
What is social security?
300
A federal health insurance program, administered by the Social Security Administration, that provides health care for the aged
What is medicare?
400
Tax levied on income at the state level. State income taxes have their own set of deductions and credits that may be awarded for certain activities, such as contributing to a state-sponsored 529 plan
What is state income tax?
400
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains.
What is federal income tax?
400
Income, Cash Flow, Balance Sheet
What are examples of financial documents?
400
Wage, salary, bonus, commission, overtime pay
What are examples of compensation?
400
Federal income tax, state income tax, medicare, social security
What are examples of deductions?
500
A compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions
What are taxes?
500
Payments and rewards given to workers
What is compensation?
500
financial documents(Income, Cash Flow, Balance Sheet)
What are accounting tasks?
500
one half the employee’s regular rate pay
What is overtime pay?
500
the revenue service of the United States federal government and collects federal income taxes
What is The Internal Revenue Service (IRS)?