Chapter 11

Question 1

Earned Income

Answer 1

Any income (wages/salary) that is generated by working

Question 2

Income Tax

Answer 2

Tax paid out by anyone who earns an income

Question 3

Passive Income

Answer 3

Money earned on a regular basis with little or no effort required to maintain it. Some things that produce passive income are real estate, intellectual property like books or Internet content, or a business in which the owner is not actively involved

Question 4

Personal Branding

Answer 4

The process by which we “market” ourselves to others; involves highlighting personal strengths, interests and unique qualities and identifying goals

Question 5

Portfolio Income

Answer 5

income generated by selling an investment at a higher price than you paid for it

Question 6

Property Taxes

Answer 6

Taxes paid by anyone who own property such as land, a home or commercial real estate

Question 7

Resume

Answer 7

A brief account of one’s professional or work experience and qualifications, often submitted win an employment application

Question 8

Sales Tax

Answer 8

Tax on goods and services that goes to your local or state government

Question 9

Social Security

Answer 9

A federal insurance program funded by taxpayer dollars that provides benefits to people who are retired, unemployed or disabled

Question 10

Cover Letter

Answer 10

A letter that is always accompanied by a resume; used to inform a prospective employer of your interest and capabilities as they relate to a specific employment opportunity