Lesson1- money and income Flashcards
1
Q
2 forms of legal tender
A
Coins, notes
2
Q
Inflation
A
A sustained increase in the general price level of goods and services in an economy over a period of time
3
Q
Purchasing power
A
The quality of goods and services that can be bought with a monetary unit
4
Q
Income
A
Money that an individual or business receives from various resources, such as wages, sales, interest, or dividends
5
Q
Gross income
A
The total amount of income received by a person
6
Q
Discretionary income
A
The income that is left after necessities have been paid for
7
Q
Disposable income
A
The take-home-pay, which is the amount of money after taxes, pension plan, and employment insurance had been deducted
