Unit 1: What is Money terms

Money

• a bank card that automatically deducts the amount of a purchase from your checking account

• any item (coins and paper) that is used as payment for products.

• the income received by property owners in the form of rent.

• an amount of money you receive unexpectedly.

Employment

• the exchange of goods without involving money

• assets purchased with the goal of providing additional income from the asset itself

• a printed order for payment of a specified sum, issued by a bank or post office

• having a job or career and responsibilities that go with it

Exchanging goods without involving money

• Money order

• Windfall

• Debit card

• Barter

A tax system for which the percentage of income paid in taxes increases as one's income increases

• proportional tax

• regressive tax

• progressive tax

• income tax

Overtime pay is usually

• double pay rate

• time and a half

• commonly given

• given when working over 10 hours a week

Investments are

• assets purchased with the goal of providing additional income from the asset itself

• income received by property owners in the form of rent

• the money you win or receive unexpectedly

• taxes on people's earnings

Which of the following is NOT an example of a Windfall?

• winnings from the lottery

• an inheritance

• your weekly paycheck

• monetary gifts

A tax based on the cost of an item purchased and collected directly from the buyer

• sales tax

• income tax

• regressive tax

• federal tax

A payroll deduction collected by employers by law and sent to the state government to support state services is known as

• federal tax

• social security tax

• state income tax

• local tax

True/False: The role of the Treasury Department is to oversee the printing and minting of currency, collecting taxes, duties, and monies paid to the U.S., and to pay our country's bills.

• True

• False