Financial Literacy VOCABULARY 9

1. Financial LiteracyVOCABULARY 9 By: Zack Clary

2. Franchise/Franchiser • Franchising is the practice of using another firm's successful business model • The franchisor owns the overall rights and trademarks of the company and allows its franchisees to use these rights and trademarks to do business.

3. Franchisee • A franchisee is an individual who purchases the rights to use a company's trademarked name and business model to do business.

4. Apprenticeship • Apprenticeship is a system of training a new generation of practitioners of a skill.

5. Job Sharing • Job sharing is an employment arrangement where typically two people are retained on a part-time or reduced-time basis to perform a job normally fulfilled by one person working full-time.

6. W-4 form • The Form W-4 is used by employers to determine the correct amount of tax withholding to deduct from employees' wages.

7. Net Pay • Net pay is the remaining amount after deductions from the gross salary, where net means ultimate.

8. Deduction • Deductive reasoning, inference in which the conclusion is of no greater generality than the premises

9. Tax Allowance -Tax allowance An amount of income that can be earned tax-free.

10. Exemptions • The process of freeing or state of being free from an obligation or liability imposed on others.

11. Gross Pay • A salary in a form of periodic payment from an employer to an employee, which may be specified in an employment contract.