PHS EPF Unit 2 Vocab

Things an individual does not have to have in order to survive, but could give the person a higher quality of life.

• Net Worth

• Wants

• Needs

• variable expenses

Too much of an item in stock.

• Deficit

• surplus

• macroinventory

• product loss

The total asset and cash an individual has minus their liabilities.

• Net Worth

• Net pay

• Gross pay

• Income

What an individual gives up to have something else

• Wants

• Needs

• opportunity cost

• surplus

SMART goals are:

• Smart, Realistic, Attractive, and Transparent

• Smart, Measurable,

  Attainable, Reliable, and Time oriented.

• Specific, Movable, Attractive, Realistic and Time oriented

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

The amount of money an individual may receive back from the IRS after they file their taxes.

• Tax Refund

• Trade off

• Income Tax

• Windfall Income

Items and money an individual is allowed to claim on their taxes to help lower their taxable income. Items could include donations, new energy purchases

• Tax write off

• Tax Domination

• Tax Deductions

• Tax refund

Similar to compromising, exchanging one thing for another, usually about the same value.

• Variable Cost

• Variable Expenses

• Trade-off

• Opportunity Cost

Government agency  responsible for formulating and recommending economic, financial, tax and fiscal policies.

• Internal Revenue Service

• Executive Office

• Social Security Administration

• United States Treasury Department

Monthly expenses that the dollar amount fluctuates per month.

• Variable Expenses

• Fixed Expenses

• Quarterly Expenses

• Expensive Expenses