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Personal Finance > Chapter 6 & 7 > Flashcards

Chapter 6 & 7 Flashcards

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1
Q

a form of employee compensation and are in addition to your paycheck

A

benefits

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2
Q

amounts, both required and optional, subtracted from gross pay are called …

A

deductions

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3
Q

when deductions are subtracted from gross pay, what is left over is known as ,…

A

net pay

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4
Q

profit sharing is a way to encourage employees to do more and better work, and is known as …

A

incentive pay

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5
Q

a group of people working in the same or similar occupations, organized for the benefit of all, is a ….

A

labor union

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6
Q

the main function of unions is ……

its the process of gettting together w/ employers to negotiate an employment contract

A

collective bargaining

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7
Q

it states that the person who has worked the longest should be the last to be laid off

A

seniority

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8
Q

the american bar association is an ex of an ….. which is very simialar to a labor union

A

professional organization

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9
Q

an effort made to influence legistlation to the advantage of a profession is known as

A

lobbying

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10
Q

the total or agreed-upon rate of pay or salary is called

A

gross pay

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11
Q

a person is ….. when he or she is entitled to a retirement account balance when employment is terminated

A

vested

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12
Q

a type of work schedulue that allows employees to choose their working hours in known as …

A

flex time

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13
Q

is a technique used to train employees to be efficent in more than one specialized area

A

job rotation

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14
Q

when two people share was originally a full-time position, is called …

A

job sharing

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15
Q

it is the crucial time during the day when all employees are needed at work

A

court time period

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16
Q

T or F

self employed persons pay twice the social security and medicare rates, for a total of 15.3%

A

true

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17
Q

T or F

net pay is tge result when you subtract required deductions from gross pay

A

true

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18
Q

some types of deductions may be withheld from your paycheck w/o your written consent
T or F

A

false

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19
Q

railroad employee would belong to a …. union

A

craft

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20
Q

teachers, police officers would belong to a …. union

A

public employee

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21
Q

a decisions facilitated by a neutral 3rd party is called

A

mediation

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22
Q

net pay is also known as …

A

take home pay

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23
Q

they are where employers fund retirement $$

A

pensions

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24
Q

its when you have worked there long enough to meet the requirements for a pension

A

vested

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25
Q

T orF

if collective bargaining fails or contract expires, they can file for a strike

A

true

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26
Q

3 types of unions

A

craft
industrial
public employee

27
Q

carpenter , plumber , railroad -

A

crafts

28
Q

United Auto Workers, Teamsters -

A

industrial

29
Q

teacher, police, fire, postal

A

public employee

30
Q

an organization of people in a particular occupation that requires considerable training and specialized skills

A

professional organizations

31
Q

4 functions of unions …

A
  1. recruit new members
  2. engage in collective bargaining
  3. support candidates in favor of union
  4. provide support
32
Q

money collected by the government from various sources is known as ..

A

renevue

33
Q

a tax that increases in proportion to increases in income is known as …

A

progressive taxes

34
Q

money earned by individuals that is subject taxation is called …..

A

taxable income

35
Q

its a flat amount

A

standard deduction

36
Q

money paid to a former spouse(which IS taxable income) for that persons support is called …..

A

alimony

37
Q

money paid to a former spouse (which is NOT taxable income) for the support of dependent children is called …

A

child support

38
Q

expenses that can be subtracted from gross income are cllaed

A

deductions

39
Q

the amount remaining when adjustments are subtracted from gross income is called …

A

adjusted gross income

40
Q

when all sources of taxable income are added together , the total iss called …..

A

gross income

41
Q

an amount that can be subtracted from your income for each person who depends on your income to live is an …..

A

exemption

42
Q

a ….. tax allows a higher-income person to pay a lower percentage of income in taxes than a lower-income person

A

regressive

43
Q

to intentionally fail to pay taxes owed is to commit a serious crime called …

A

voluntary compliance

44
Q

a type of tax for which the rate stays the same regardless of income is called ..

A

proportional

45
Q

is an amount subtracted directly from tax owed

A

tax credit

46
Q

an administrative agency of the federal government that collects taxes and enforces tax laws is the …

A

IRS

47
Q

an examination of tax returns by the IRs is called an …

A

audit

48
Q

our tax system pays for …

A

education, parks, roads, public transport

49
Q

the more moneyy uou make, the more you have to pay

income increases, income increases =

A

progressive

50
Q

income increases, taxes decrease =

A

regressive

51
Q

income and taxes stay the same

A

proportional

52
Q

IRS audit enforeces ….

A

tax laws

53
Q

they check for accuracy and make sure things are done correctly

A

IRS audit

54
Q

the power of tax -

A

congress can tax

55
Q

its not paying your fair share

A

tax evasion

56
Q

volunteer to comply w/ the laws -

A

voluntary compliance

57
Q

(april 15th)

A

voluntary compliance

58
Q

that decreases your income

A

exemptions

59
Q

who must fil/e

A

everyone

60
Q

when to file

A

april 15th

61
Q

short form or long form?

A

depends on deductions & filing status, age, gross income

62
Q

where to being filing?

A

organize, paperwork

63
Q

filing electronically -

A

everyone can

Personal Finance (8 decks)

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