Econ Unit 6: Week 1 Key Terms

Deposits locked in for a specified time, earns interest, and has penalties for early withdrawal.

• Savings account

• Certificate of deposit

• Money market account

• Savings bond

A percentage withheld from an employee’s pay to fund social insurance programs like Social Security, Medicare, and unemployment insurance.

• Excise tax

• Income tax

• Property tax

• Payroll tax

Tax on immovable property like land and buildings.

• Property tax

• Payroll tax

• Excise tax

• Sales tax

 Total amount a worker receives when they cash or deposit their check after deductions.

• Gross income

• Net income

• Income tax

• Payroll tax

Legal contract between tenant and landlord

• Contract

• Mortgage

• Lease

• Living agreement

Tax on the retail sale of goods and services.

• Property tax

• Payroll tax

• Income tax

• Sales tax

Total amount a worker is paid before any required or voluntary deductions are made.

• Gross income

• Net income

• Payroll tax

• Income tax

An agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve borrowed plus interest.

• Property tax

• Lease

• Mortgage

• House agreement

Tax imposed on an individual’s wages, salaries, and other types of income.

• Excise tax

• Income tax

• Property tax

• Payroll tax

Tax imposed on specific goods or activities, in addition to other taxes.

• Sales tax

• Excise tax

• Payroll tax

• Property tax