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WorksheetsQuest for Success Unit 6 Vocabulary - Part 2
Total questions: 12
Worksheet time: 6mins
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
What type of tax is on purchases and the receipt of purchases?
sales tax
property tax
income tax
What is a desire to possess, do, or wish for something?
need
want
inflation
expense
