| A | B |
|---|
| money | The official currency issued by a government or national bank |
| barter | exchange goods without involving money |
| Cashless Society | A society where consumers rely solely on credit cards, debit cards, electronic accounts and checks |
| gift card | Looks like a credit card and is given as a present with a certain amount of money on it to be used at a particular store |
| debit card | A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder |
| electronic transfer | A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents |
| money order | A written order for the payment of a sum to a named individual |
| employment | an occupation by which a person earns a living; work; business |
| investments | An asset or item that is purchased with the hope that it will generate income or appreciate in the future. |
| self-employment | A situation in which an individual works for himself or herself instead of working for an employer that pays a salary or a wage |
| rental income | The income received by property owners in the form of rent. |
| overtime pay | is the additional amounts paid to hourly employees who work more than 40 hours in a workweek. Federal law requires that hourly employees who work more than 40 hours in a workweek must be paid at a higher rate for the overtime hours, at a minimum of 1 1/2 times the regular pay rate. |
| windfall income (gambling, lottery. inheritance, gifts) | any type of additional income over expenses that is completely unexpected |
| U.S. Department of Treasury | Responsible for carrying out the nation's fiscal policy by doing the actual spending, taxing, and debt financing via an account it keeps with the Federal Reserve |
| The Federal Reserve | One of 12 regional banks that monitor and act as depositories for banks in their region. Established in 1913. It serves as the central bank of the U.S.. Its primary role is the keep our money valuable and does this by managing Monetary Policy. |
| gross pay | Wages or salary before deductions for taxes and other purposes. |
| net pay | commonly called 'take home pay'; it is your income AFTER all deductions and exemptions. |
| garnishments | a legal process that allows part of your paycheck to be withheld for payment of a debt |
| inflation | a general increase in prices |
| compound interest | Interest paid on both principal and the accumulated unpaid interest |
| simple interest | interest paid on the principal alone |
| rule of 72 | The number of years it takes for a certain amount to double in value is equal to 72 divided by its annual rate of interest. |
| scarcity | basic economic problem of economics that results from a combination of limited resources and unlimited wants |
| time value of money | the principle that a dollar received today is worth more than a dollar received in the future |
| principal | The money originally invested or loaned, on which basis interest and returns are calculated |
| collateralized loan | A loan that is secured by collateral, properties or assets that are subject to seizure on default. |
| FICA | Federal Insurance Contributions Act; tax levied on both employers and employees to pay for Social Security and medicare |
| credit card | A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest, according to a specific schedule. |
