Quest for Success Unit 6 Vocabulary - Part 2

Front

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

Back

income tax

Front

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

Back

inflation

Front

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

Back

Medicare

Front

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

Back

Social Security

Front

What is a requirement, necessary duty, or obligation?

Back

need

Front

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

Back

net income

Front

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

Back

Net pay

Front

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

Back

opportunity cost

Front

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

Back

property tax

Front

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

Back

purchasing power