Quest for Success Unit 6 Vocabulary - Part 2

What is the tax levied by a government directly on income, especially an annual tax on personal income?

• sales tax

• property tax

• income tax

The general increase in prices and fall in the purchasing value of money is ____________.

• expense

• social security

• purchasing power

• inflation

__________________ is the federal health insurance program for people who are 65 or older or certain younger people with disabilities.

• Social Security

• Medicare

______________ is the federal insurance program that provides benefits to retired people and those who are unemployed or disabled.

• Medicare

• Social Security

What is a requirement, necessary duty, or obligation?

• need

• want

• expense

• inflation

An individual's income after taking taxes and deductions into account is called ....

• gross income

• income tax

• net income

• fixed expense

__________ ___________ is gross wages minus withholdings for payroll taxes and other items such as insurance.

• Cash flow

• Social Security

• Purchasing power

• Net pay

What is the loss of potential gain from other alternatives when one alternative is chosen?

• fixed expense

• opportunity cost

• variable expense

• gross income

What type of tax is levied by the governing authority of the jurisdiction in which the property is located?

• sales tax

• property tax

• income tax

The financial ability to buy products and services is called _____________.

• budget

• cost comparison

• fixed expense

• purchasing power