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.