Unit 5A Vocab - Economics

Refers to money a person or entity receives in exchange for labor or products

In insurance terms, refers to receiving money or property upon payout of a policy

A U.S. payroll tax deducted to fund the Social Security & Medicare programs

Pays for expenses related to maintaining the wellness and health of a person; govt. & privately-sponsored programs

A record that another entity (business) or person paid you money (that is subject to income taxes)

Paid to an individual if he/she is injured & unable to work for a length of time

Financial institution licensed to accept checking & savings deposits; makes loans

Type of bank acct. used to safely store money over a long period of time; the money earns interest

The standard U.S. individual tax return form used to file income tax with the IRS

Specific type of policy used as protection against financial loss for damages to a structure (house, bldg, etc.) or land

Non-profit cooperative that accepts deposits, makes loans, & does other financial services; MUST be a member!

Amount charged (the cost) for a certain amount of insurance coverage

Retirement account for employees of public schools & other tax-exempt organizations

A tax on goods & services that is a percentage (%) of retail price

A tax where the % paid in taxes increases as income increases

Type of bank account; allows for easy deposit & withdraw of $ for daily transactions (activities).

(Type of taxation) Takes a higher % of one's salary as income decreases

Short-term, high-interest loan requiring your car title as collateral

To be at fault (fully responsible for), either financially or legally

Protection against financial loss in the event of a driving accident or auto theft

(Type of taxation) Takes the same % of one's income, regardless of how much or little one makes

Special insurance paid to family or primary beneficiary at the time of death of the policy holder

Form of risk management purchased by a business or individual (to protect) against financial loss

A tax levied (charged) on net personal or business income

Investment plan for employees through their employer; wage contributions

Tax-advantaged account for education costs

Card issued by a bank (or credit union) allowing you to transfer $ electronically to another acct.

Annual (yearly) rate charged for borrowing $ or earned through investment; expressed as a percentage(%)

Dollar amount of expenses that must be paid OUT-OF-POCKET before an insurer will pay for anything.

Investment acct. made by people in anticipation (looking ahead) of being old enough to not work; pays out monthly

Profits that are realized (made) by selling an investment (i.e. stocks, bonds, real estate)

Spending plan based on income and expenses

Loan financing the purchase and/or maintenance of property, land, or other types of properties

A tax levied (charged) on the net value of a deceased (dead) person's estate, before heirs are paid

This tax is locally assessed, varies based on the worth of land & goods on it; often used to fund public services

Company that lends (loans) customers small amounts of money w/high interest rates; borrower repays w/next paycheck