PHS EPF Unit 2 Vocab

Front

Things an individual does not need to survive but can enhance quality of life.

Back

Wants

Front

Too much of an item in stock.

Back

surplus

Front

Total assets and cash minus liabilities.

Back

Net Worth

Front

What an individual gives up to have something else

Back

opportunity cost

Front

SMART goals are:

Back

Specific, Measurable, Attainable, Realistic, and Time oriented.

Front

Amount received from IRS after filing taxes.

Back

Tax Refund

Front

Items and money an individual can claim on taxes to reduce taxable income, like donations and energy purchases.

Back

Tax Deductions

Front

Similar to compromising, exchanging one thing for another of similar value.

Back

Trade-off

Front

Govt agency for economic, financial, tax, and fiscal policy.

Back

United States Treasury Department

Front

Monthly expenses that fluctuate.

Back

Variable Expenses