W!SE Financial Literacy - Money Section Questions with Complete Solutions, Rated A+

Barter - Exchange goods without involving money. Cash Card/Gift Card - A prepaid payment card that contains a specific amount of money and that anyone can purchase and use, regardless of their credit score. Cashless Society - A society in which purchases of goods or services are made by credit/debit card or electronic funds transfers rather than with cash or checks. Check - A written, dated, and signed instrument that contains an unconditional order from the drawer that directs a bank to pay a definite sum of money to a payee. Credit Card - a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit. Debit Card - a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account Dependents - An individual whom a taxpayer can claim for credits and/or tax exemptions. Earnings - Typically refers to after-tax income Electronic Transfer - the transfer of funds from one account to another via electronic means such as the internet or telephone Employment Benefits - Benefits that are sometimes given to employees by employers such as health care, vacation days, and paid sick days Exemptions - a deduction allowed by law to reduce the amount of income that would otherwise be taxed Federal Taxes - Taxes levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities Fringe Benefits - Any financial extras beyond the regular pay check, such as health insurance, life insurance, paid vacation and/or retirement Garnishment - A legal process that allows part of your paycheck to be withheld to pay a debt Gift - Property, money or assets that one person transfers to another while receiving nothing or less than fair market value in return Gift Card - A card that is purchased for a certain amount and then used like cash Gross Wages - Total amount of money earned before deductions are taken Human Capital - a measure of the economic value of an employee's skill set Income - earnings from work or investments Income Tax Deductions - Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. Inflation - A general and progressive increase in prices Inheritance - money or property that is left to you after someone dies