Business Finance

Front

What is a state or local tax on goods and services collected by the seller?

Back

Sales tax

Front

What term refers to government income?

Back

Tax revenue

Front

What is defined as a rise in the general level of prices?

Back

Inflation

Front

What type of institution specializes in savings accounts and making loans for home mortgages?

Back

Savings and loan association

Front

What is the tax based on the value of land and buildings?

Back

Property Tax

Front

What is the primary purpose of a credit union?

Back

To provide financial services to its members, including savings accounts and loans.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant regardless of activity level, while variable expenses fluctuate based on usage or consumption.

Front

What is the purpose of a budget in personal finance?

Back

To plan and track income and expenses to ensure financial stability.

Front

What is the term for the total amount of money earned before any deductions?

Back

Gross income

Front

What is the difference between gross income and net income?

Back

Gross income is the total earnings before deductions, while net income is the amount remaining after all deductions.