Unit 6 Vocabulary Quiz

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
• purchasing
• social security
• purchasing power
• inflation

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

• medicare
• social security

______________ 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
• expence
• want
• inflation

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

• gross income
• net income
• income tax
• fixed expense

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

• cash flow
• purchasing power
• net pay
• social security

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

• fixed expense
• variable expense
• opportunity cost
• gross income

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

• property tax
• income tax
• sales tax

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

• cost comparish
• purchasing power
• budget
• fixed expenses