Chapter 10 Lessons 1 & 2

Front

What is Gross Income?

Back

The amount you earn before taxes and other payroll deductions

Front

What does Net Income refer to?

Back

What a person earns after payroll taxes and other deductions are taken out

Front

What are Withholdings?

Back

The portion of an employee’s pay held back to cover taxes and other deductions.

Front

What is a Fiscal Year?

Back

A one-year period that governments or companies use for financial reporting.

Front

What is Deficit Spending?

Back

Spending more than you earn

Front

What is Earned Income?

Back

Income from work performed

Front

What is the definition of Wage?

Back

Money paid by the hour for agreed hours

Front

What is Minimum Wage?

Back

The smallest amount employers can legally pay per hour

Front

What is Passive Income?

Back

Money earned with little or no effort

Front

What is Portfolio Income?

Back

Income from an investment sold at a higher price