Financial Literacy VOCABULARY 9 By: Zack Clary. Franchise/Franchiser Franchising is the practice of...

Financial LiteracyVOCABULARY 9

By: Zack Clary

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.

Franchisee

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

Apprenticeship

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

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.

W-4 form

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

Net Pay

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

Deduction

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

Tax Allowance

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

Exemptions

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

Gross Pay

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