money matters test Flashcards
What is income?
money received, especially on a regular basis, for work or through investments.
what is wage?
Money that is paid or received for work or services.
what is salary?
A fixed compensation paid to a person for work
what’s the difference between salary and wage?
A salary is a fixed payment received for each pay period, compared to a wage that is flexible and contingent on the number of hours worked in each pay period.
what is a fee?
a charge or payment for professional services.
what is commision?
an amount of money paid to an employee based on how much they sell.
what is profit?
to gain an advantage or benefit/earn money.
what is social security?
the protection that a society provides to individuals and households to ensure access to health care and to guarantee income security, particularly in cases of old age, unemployment, sickness, invalidity, work injury, maternity or loss of a “breadwinner”.
what is interest?
the cost of borrowing.
what are dividends?
a sum of money paid regularly (typically annually) by a company to its shareholders out of its profits (or reserves).
What is rent?
a payment made for the use of a land or property.
what is royalty?
a royalty is an amount paid by a 3rd party to an owner of the product. (you want to use iron man image for example, you pay marvel to use the image.)
gross wage is?
the total amount of money an employee receives before taxes and deductions are taken out.
thats means net wage is?
the amount of money that will finally be available to you.
what is inflation?
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services;
