Glossary Terms:

Tax Time Scavenger Hunt

Glossary terms from:
http://www.econedlink.org/e748


Asset

Something of monetary value owned by an individual or an organization.

Bank

A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange.

Expenses

Payments for goods and services.

Federal Income Tax

A tax paid by individuals and businesses to the federal government to fund such services as national defense, human services, and the monitoring and regulation of trade.

Gross Income

A total amount of money earned (from salaries, wages, etc.) before taxes and other deductions are withheld. Also known as gross pay.

Income

Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.

Income Tax

Payments made by individuals and corporations to the federal government (and to some state and local governments) based on income received (both earned and unearned).

Interest

Money paid regularly, at a particular rate, for the use of borrowed money.

Job

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

Money

Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.

Mortgage

A special type of loan for the purchase of a house or other real estate.

Resources

The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.

Return

Earnings from an investment, usually expressed as an annual percentage.

Revenue

The money a business receives from customers who buy its goods and services. Not to be confused with profit.

Salary

A regular payment, often at monthly or biweekly intervals, made by an employer to an employee, especially in the case of professional or white-collar employees. Salaries are paid for services rendered and are not based on hours worked.

Spend

Use money now to buy goods and services.

Taxes

Compulsory payments to governments by households and businesses.

Unemployment

The number of people without jobs who are actively seeking work.

W-4 Form

A federal income tax document that instructs an employer about how much money to withhold from an employee's paycheck for tax purposes.

Work

Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.