Unit Four Vocab

Carigan Byrd

Unemployment Insurance Legislation

A federal program whereby eligible unemployed persons receive cash benefits for a specified period of time. These benefits are paid out of funds derived from employer, employee and government contributions.


Workers’ Compensation Legislation

insurance that covers medical and rehabilitation costs and lost wages for employees injured at work; required by law in all states

  • Ex: Someone works for an official dog-walking company. During the walk, the leash malfuntions and the wire cuts the walker's arm, requiring them to get stitches. The company must pay for the employee's hospital fees.



Social Security Legislation

1. A law enacted by President Franklin D. Roosevelt in 1935 to create a system of transfer payments in which younger, working people support older, retired people.


National Labor Relations Act

foundational statute of US labor law which guarantees basic rights of private sector employees to organize into trade unions, engage in collective bargaining for better terms and conditions at work, and take collective action


Taft-Harley Act

1. Legislation in 1947 that reflected the conservative post‑war mood. It outlawed the closed shop, gave presidential power to delay strikes with a "cooling‑off period, and curtailed the political and economic power of organized labor.


Landrum-Griffin Act

The Labor Management Reporting and Disclosure Act of 1959, is a United States labor law that regulates labor unions' internal affairs and their officials' relationships with employers


Sales Tax

a tax on sales or on the receipts from sales

  • A shirt is originally $7.00. After sales tax is added, the buyer ended up paying $7.69.

Corporate Taxes

the income or capital of some types of legal entities


Income Taxes

tax levied by a government directly on income, esp. an annual tax on personal income


  • You make $500 a week. After this is deducted, you end up taking home $430.



Self employment taxes

the act of generating one's income directly from a consumer as opposed to being an employee of a business


Free credit reporting act

a United States federal law that regulates the collection, dissemination, and use of consumer information, including consumer credit information


Fair credit billing act

The Fair Credit Billing Act is a United States federal law enacted in 1975 as an amendment to the Truth in Lending Act


Equal credit opportunity Act

a United States law, enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age


  • A young 18 year old man goes into a bank to acquire a credit card. The bank teller feels he is too young, but is required to give him one anyway.



Fair credit collection pracitces act

A Federal law that limits the behavior and actions of debt collectors who are attempting to collect the debt for another person or entity. The law restricts the means and methods by which they can contact the debtor, as well as the time of day that contact can be made. If violated, suit may be brought within one year to collect damages and attorney fees


Consumer credit protection Act

Federal legislation that created disclosure requirements that must be followed by consumer lenders such as banks, credit card companies and auto-leasing firms. Pursuant to the act, consumer lenders were required to inform consumers about annual percentage rate


Sherman Anti-trust Act

a landmark federal statute on United States competition law passed by Congress in 1890


Clayton Act

enacted in the United States to add further substance to the U.S. antitrust law regime by seeking to prevent anticompetitive practices in their incipiency.


Yellow-dog contract

a contract between a worker and an employer in which the worker agrees not to remain in or join a union


Bargaining unit

A bargaining unit in labor relations is a group of employees with a clear and identifiable community of interests who are represented by a single labor union in collective bargaining and other dealings with management