Unit 4 Vocab

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Across
  1. 3. The amount of income available to be spent, saved, or invested on non-essential items like entertainment, hobbies, or luxury goods.
  2. 4. A mandatory financial reporting document used by the government to implement its fiscal policy, which includes managing the economy through taxation and spending
  3. 10. A tax imposed by the government
  4. 12. Income, estate, sales, capital gains, property, excise are all ______ __ ________
  5. 16. A compulsory payment levied by a state government on individuals and businesses within its borders to generate revenue
  6. 17. The transfer of assets, wealth, or property from a deceased person's estate to their heirs or beneficiaries, either through a valid will or under intestate succession laws
  7. 18. If you wanted to start a ______ ______ it’s imperative that you understand what all these terms mean: ROTH IRA, Traditional IRA, 401K, 403B, 529, Pension
  8. 19. A federal health insurance program in the United States for people aged 65 or older, younger people with disabilities, and individuals with end-stage renal disease or ALS
Down
  1. 1. An employer-sponsored account that allows employees to set aside pre-tax money to pay for qualified out-of-pocket medical expenses
  2. 2. A joint federal-state means-tested entitlement program that provides healthcare coverage for low-income individuals and families
  3. 5. The transition from the active workforce to a state where an individual relies on accumulated savings, investments, and pensions (like Social Security or private plans) to support their living expenses instead of their salary
  4. 6. Officially known as the Employee's Withholding Certificate, is a form used by employees to inform their employers of their tax situation
  5. 7. The total income a business or firm generates from selling its goods or services before any expenses are deducted
  6. 8. A mandatory payment or charge collected by the government to cover the costs of government expenses
  7. 9. A state in which a country, organization, or individual relies on external sources for essential resources, capital, technology, or markets, which limits self-sufficiency and creates vulnerability to external influence, economic shocks, and decisions made by foreign entities
  8. 11. A federal social insurance program that provides income security to retirees, the disabled, and survivors of deceased workers through a pay-as-you-go system funded by payroll taxes
  9. 13. The amount of money an individual or household has left after taxes and mandatory deductions, which can be used for necessities or discretionary spending
  10. 14. A legal provision that relieves an individual, organization, or transaction from an obligation or liability, typically involving taxes or tariffs
  11. 15. An expense, such as taxes, that can be subtracted from a taxpayer's gross income