EPF Final Examination / ACCURATE ANSWERS

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medium of exchange - ANS -This term means money will be accepted as a final payment for goods and services store of value - ANS -This term means money will be worth the same in the future as it is ... in the present measure of value - ANS -This term means money makes it easier to compare the values of goods and services barter - ANS -This term means trading goods and services with someone else to receive other goods and services double coincidence of wants - ANS -This is the main problem with barter - you must have what the other person wants and they must have what you want commodity money - ANS -This has value because it is naturally valuable (ex. gold coin) fiat money - ANS -This has value because the government has declared that it is legal tender and is acceptable for payment of debt US Mint - ANS -This US agency creates coins Department of the Treasury - ANS -This is the Department over the US Mint, Bureau of Engraving and Printing, and the Internal Revenue Service Bureau of Engraving and Printing - ANS -This US agency creates currency (paper money) Internal Revenue Service (IRS) - ANS -This US agency collects taxes income - ANS -This is how money enters our lives earned income - ANS -This is money we receive from work unearned income - ANS -This is money we receive from sources other than work windfall income - ANS -This is unexpected income, usually a large amount (ex. inheritance, gambling winnings) education - ANS -This is the most influential factor influencing a persons' income unskilled workers - ANS -These workers make less money because anyone could do the job skilled workers - ANS -These workers make more money because they have the skills or education to do the job that others may not have benefits - ANS -These are additional things given to employees besides their pay (ex. health insurance, vacation days) salary - ANS -This is a yearly amount of money that a person makes, regardless of hours worked wages - ANS -This is an hourly amount of money that a person makes paystub - ANS -This comes with your paycheck and tells you important information about the pay period the paycheck covers required deductions - ANS -These deductions are mandatory for all paychecks (local, state, & federal taxes, Medicare tax, Social Security tax) court mandated deductions - ANS -These deductions that are only required if the courts impose it (ex. child support, garnishments) optional deductions - ANS -These deductions that are chosen by the employee (ex. health insurance, life insurance) direct deposit - ANS -This means your paycheck is automatically deposited into your account (you do not receive a paper paycheck) gross pay - ANS -This is money made from wages or salary before taxes are taken out net pay - ANS -This is money made from wages or salary after taxes are taken out overtime pay - ANS -This is earned after you work 40 hours in one week (you earn 1.5 times more) take-home pay - ANS -This is another term for net pay [Show More]

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