Unit 1 Review

The decline stage of the business cycle represents the lowest point on the business cycle graph

A business that starts small but is designed for unlimited growth is called

Money paid for the use of money is called

Programs that reimburse employees for education costs

The federal government offers financial aid to students who qualify.

Social Security tax

Which of the items listed is a required deduction from a worker's paycheck?

The name given to a job.

The following are examples of unearned income EXCEPT

All the activities related to making and distributing goods and services in an area.

Networking is the process of making contacts and building relationships with other people.

Simple federal tax return form designed for use by single and joint filers with no dependents

Overtime pay for hours worked above 40 hours in 1 week must be at least

As general price levels rise, the value of money

Money a person has left over to spend or save after taxes have been paid.

Rapidly rising, out-of-control prices.

Specific tasks you can do, such as prepare a spreadsheet or operate a machine, are known as

A specific group of people for whom advertising or other messages are created.

The amount left after all costs are deducted from the income of a business is called

Dividends are

A required payment for the support of a government.

W-2 is used by employees to list their exemptions and determine tax withholdings

Interest income is a form of unearned income.

Group health insurance premiums are typically lower than premiums for individual policies.

Belonging to student organizations can help you build leadership and career-related skills.

As resources diminish or become harder to get, prices rise in the form of

A percentage of a sale paid to the salesperson is called a

Money received from sources other than working in a job.

For a subsidized student loan, interest is not charged until after the student graduates.

The quantity of goods and services that producers are willing and able to provide is called

Which of the items listed is an in-kind transfer payment?

The charge for instruction at a school is called

The willingness and ability of consumers to buy products and services.

When the economy is growing, people are buying goods and services and jobs are being created.

Which form do workers complete so an employer can verify that they are eligible for employment?