Flashcards
1
Cards in this deck (25)
- 1Budget/Spending Plan -1-LS-a paper or electronic document used to record planned and actual income through expenditures over a period of time
- 2Commission -2-LS-is a percentage or amount of profit given to an employee in exchange for making a sale
- 3Financial well being -3-LS-is defined as having financial security and financial freedom of choice, in the present and in the future.
- 4Prioritize -4-LS-To arrange or deal with in order of importance.
- 5Resources -5-LS-things or people that will help you reach your goal.
- 6Salary -6-LS-the minimum annual money received or the standard salary which an employee receives for doing a specific job includes a bonus or extra incentives.
- 7Savings account -7-LS-an account in a bank or credit union that pays interest on your balance—though some institutions require that you have at least a minimum amount in the account to qualify for earnings
- 8Self employed -8-LS-working for oneself or the owner of a business rather than for an employer. Required to pay self employment tax (including Medicare and Social Security Tax)
- 9Short term goal -9-LS-a goal you expect to achieve in one year or less.
- 10Social Security -10-LS-this tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
- 11Standard of living -11-LS-degree to which one has the ability to obtain the goods and services one needs and wants.
- 12State tax -12-LS-is used by the state government to fund state and local programs
- 13To be goals -13-LS-are related to personality and character. (examples: be smart, popular, relaxed, etc)
- 14Union dues -14-LS-are regular required payments of money made by it’s members. dues cover various activities which the union engages in.
- 15Values -15-LS-an individual’s beliefs about what is important, desirable, and worthwhile, which often influence decisions.
- 16Voluntary deduction -16-LS-deductions from wages that are withheld from an employee's paycheck that are optional such (child care expenses, optional vision insurance, gym membership, union dues, etc)
- 17Garnishments -17-LS-a court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor
- 18Gross Domestic Product -18-LS-Measures of the value of all goods and services produced by a nation during a specified period of time.
- 19Gross Pay -19-LS-the entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
- 20Mandatory deduction -20-LS-The employer is required by federal and/or state law to deduct a certain amount of the employee's pay and send it to an institution or governmental agency for the purpose of satisfying the employee's debt, or contribution to the employee's retirement account, or tax withholding.
- 21Medicare -21-LS-is a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
- 22Periodic Expenses -22-LS-expenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
- 23Reconciliation -23-LS-a report that accounts for all the differences between a bank statement and personal records (reccomend to be done monthly)
- 24Dependent -24-LS-individual who relies on someone else for financial support, such a child, a spouse, or elderly parent.
- 25Federal withholding tax -25-LS-the amount required by law for employers to withhold from earned wages to pay taxes.
