Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Personal Finance > Chapter 6 & 7 > Flashcards

Chapter 6 & 7 Flashcards

1
Q

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

A

benefits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

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

A

deductions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

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

A

net pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

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

A

incentive pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

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

A

labor union

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

the main function of unions is ……

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

A

collective bargaining

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

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

A

seniority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

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

A

professional organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

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

A

lobbying

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

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

A

gross pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

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

A

vested

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

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

A

flex time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

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

A

job rotation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

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

A

job sharing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

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

A

court time period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

T or F

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

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

T or F

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

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

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

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

railroad employee would belong to a …. union

A

craft

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

teachers, police officers would belong to a …. union

A

public employee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

a decisions facilitated by a neutral 3rd party is called

A

mediation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

net pay is also known as …

A

take home pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

they are where employers fund retirement $$

A

pensions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

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

A

vested

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
T orF | if collective bargaining fails or contract expires, they can file for a strike
true
26
3 types of unions
craft industrial public employee
27
carpenter , plumber , railroad -
crafts
28
United Auto Workers, Teamsters -
industrial
29
teacher, police, fire, postal
public employee
30
an organization of people in a particular occupation that requires considerable training and specialized skills
professional organizations
31
4 functions of unions ...
1. recruit new members 2. engage in collective bargaining 3. support candidates in favor of union 4. provide support
32
money collected by the government from various sources is known as ..
renevue
33
a tax that increases in proportion to increases in income is known as ...
progressive taxes
34
money earned by individuals that is subject taxation is called .....
taxable income
35
its a flat amount
standard deduction
36
money paid to a former spouse(which IS taxable income) for that persons support is called .....
alimony
37
money paid to a former spouse (which is NOT taxable income) for the support of dependent children is called ...
child support
38
expenses that can be subtracted from gross income are cllaed
deductions
39
the amount remaining when adjustments are subtracted from gross income is called ...
adjusted gross income
40
when all sources of taxable income are added together , the total iss called .....
gross income
41
an amount that can be subtracted from your income for each person who depends on your income to live is an .....
exemption
42
a ..... tax allows a higher-income person to pay a lower percentage of income in taxes than a lower-income person
regressive
43
to intentionally fail to pay taxes owed is to commit a serious crime called ...
voluntary compliance
44
a type of tax for which the rate stays the same regardless of income is called ..
proportional
45
is an amount subtracted directly from tax owed
tax credit
46
an administrative agency of the federal government that collects taxes and enforces tax laws is the ...
IRS
47
an examination of tax returns by the IRs is called an ...
audit
48
our tax system pays for ...
education, parks, roads, public transport
49
the more moneyy uou make, the more you have to pay | income increases, income increases =
progressive
50
income increases, taxes decrease =
regressive
51
income and taxes stay the same
proportional
52
IRS audit enforeces ....
tax laws
53
they check for accuracy and make sure things are done correctly
IRS audit
54
the power of tax -
congress can tax
55
its not paying your fair share
tax evasion
56
volunteer to comply w/ the laws -
voluntary compliance
57
(april 15th)
voluntary compliance
58
that decreases your income
exemptions
59
who must fil/e
everyone
60
when to file
april 15th
61
short form or long form?
depends on deductions & filing status, age, gross income
62
where to being filing?
organize, paperwork
63
filing electronically -
everyone can

Personal Finance (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions