A. Income: money we get.
B. Deduction: to take away, subtract.
C. Income Tax: taxes we pay, which can increase if our amount of income increases.
D. Payroll Tax: taxes levied against the amount of wages & salaries.
E. Medicare: health care for the aged.
F. Social Security: a program of old age, unemployment, health, disability & survivors insurance maintained by the U.S. federal gov.
G. Mortgage: money we barrow from the bank that we have to pay back to the bank.
H. Property Tax: tax on real or personal property.
I. Utility: a public service like a telephone.
J. Insurance: coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract.
K. Credit: a source of pride or honor.
L. 401K: a savings plan that allows employees to contribute a fixed amount of income to a retirement account & to defer taxes until the terms of the contract.
M. Pension: an allowance, annuity, or subsidy.
N. Deductible: the amount for which the insured is liable on each loss, before an insurance company will make payment.
2.) In the state of Wisconsin, we pay income tax to 2 levels of government. What are the 2 levels?
The 2 levels are State and Federal.
3.) What happens to the amount of income tax people pay as their income rises?
When we make more income, our income taxes also increase. If our income decreases, so does our income taxes. Our percentage also changes depending on the increase of decrease of our income.
5.) Identify at least four factors that affect the cost of auto insurance.
- Your gender
- Your marital status
- Your driving record
- The area you live in
6.) Identify at least four different types of taxes people pay.
- Taxes on goods and services
- Taxes on income from capital
- Direct taxes on labor
- Taxes on property
7.) What are some factors that affect the price of groceries?
If gas prices go up, the grocery prices go up as well because, they use trucks to get the groceries to the store and if it costs more to send the groceries in the trucks, it'll make the grocery prices cost more too.
8.) What happens to the monthly payment as you chance the term in months?
As you increase the months to pay off the payment, it will cost less each month. However, there will be a higher interest rate if you do so.
9.) What factors affect the price of your water bill?
Some factors that may affect the price of your water bill are, if there were leaky faucets, long showers, etc.
10.) What factors affect the price of your electric bill?
Some factors that may affect the price of your electric bill are, keeping the lights on all day long, keeping the lights on in a empty room, how many lights are in the house, etc.
Family Economics Exercises
1.) Define the following:
A. Income: money we get.B. Deduction: to take away, subtract.
C. Income Tax: taxes we pay, which can increase if our amount of income increases.
D. Payroll Tax: taxes levied against the amount of wages & salaries.
E. Medicare: health care for the aged.
F. Social Security: a program of old age, unemployment, health, disability & survivors insurance maintained by the U.S. federal gov.
G. Mortgage: money we barrow from the bank that we have to pay back to the bank.
H. Property Tax: tax on real or personal property.
I. Utility: a public service like a telephone.
J. Insurance: coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract.
K. Credit: a source of pride or honor.
L. 401K: a savings plan that allows employees to contribute a fixed amount of income to a retirement account & to defer taxes until the terms of the contract.
M. Pension: an allowance, annuity, or subsidy.
N. Deductible: the amount for which the insured is liable on each loss, before an insurance company will make payment.
2.) In the state of Wisconsin, we pay income tax to 2 levels of government. What are the 2 levels?
The 2 levels are State and Federal.3.) What happens to the amount of income tax people pay as their income rises?
When we make more income, our income taxes also increase. If our income decreases, so does our income taxes. Our percentage also changes depending on the increase of decrease of our income.5.) Identify at least four factors that affect the cost of auto insurance.
- Your gender- Your marital status
- Your driving record
- The area you live in
6.) Identify at least four different types of taxes people pay.
- Taxes on goods and services- Taxes on income from capital
- Direct taxes on labor
- Taxes on property
7.) What are some factors that affect the price of groceries?
If gas prices go up, the grocery prices go up as well because, they use trucks to get the groceries to the store and if it costs more to send the groceries in the trucks, it'll make the grocery prices cost more too.8.) What happens to the monthly payment as you chance the term in months?
As you increase the months to pay off the payment, it will cost less each month. However, there will be a higher interest rate if you do so.9.) What factors affect the price of your water bill?
Some factors that may affect the price of your water bill are, if there were leaky faucets, long showers, etc.10.) What factors affect the price of your electric bill?
Some factors that may affect the price of your electric bill are, keeping the lights on all day long, keeping the lights on in a empty room, how many lights are in the house, etc.