University:
Bradley University
Course:
ECO 199 | Foundational Topics in Economics
Academic year:

2021
Views:

157

Pages:

2
Author:

Gudrunecg9m

Chapter 2: Income Sources Vocabulary Words Chapter 2 1. benefits Forms of pay for a job other than salary or wages, such as vacation and holidays 2. cafeteria plan A benefit package that allows employees to select the options they want from a number of choices 3. commission A set fee or a percentage of a sale paid to a salesperson instead of or in addition to salary or wages 4. 5. disposable income The money a person has available to spend or save after taxes have been paid dividend Money paid to stockholders of a corporation 6. entrepreneur Business owner; person who takes the risks of owning a business 7. excise tax Tax on the sale of certain goods such as tobacco or on activities such as highway use by heavy trucks 8. minimum wage The lowest pay rate allowed by law for each hour of work 9. overtime pay Pay for hours worked beyond the set regular number for a job 10. paid holidays Days a worker is paid for working but does not actually work, such as Christmas and Thanksgiving 11. personal leave Days a worker is paid for working even though he or she is absent for personal reasons 12. profit The amount left after all costs are deducted from the income of a business 13. sick leave Days a worker is paid for working but did not work due to illness 14. tax A required payment for the support of a government, such as income tax or sales tax 15. tip 16. transfer payments Money, often a percentage of the total bill, or a gift given to a person for performing a service and often based on the quality of service provided Money or benefits received from the government without working for them at the time they are received 17. unearned income Money received from sources other than working in a job

Chapter 2 Vocabulary Review

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