Consumer & Financial Lit Chapter 11

Question 0

Income tax-

Answer 0

Tax paid out by anyone who earns an income.

Question 1

Earned income-

Answer 1

Any income [wages/salary] that is generated by working.

Question 2

Passive income-

Answer 2

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 continent, or a business in which the owner is not actively involved.

Question 3

Personal branding-

Answer 3

The process by which we ‘‘market’’ ourselves to others.

Question 4

Portfolio income-

Answer 4

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

Question 5

Property taxes-

Answer 5

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

Question 6

Rèsumè-

Answer 6

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

Question 7

Sales tax-

Answer 7

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

Question 8

Social security-

Answer 8

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