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OK Income

Wirtz Oklahoma Financial Literacy Earning an Income

TermDefinition
Earned income (1.1) Money received for work performed; may include salary, wages, tips, professional fees, commissions, etc.
Human capital (1.1) The health, education, experience, training, skills and values of people. Also known as human resources.
Human capital investment (1.1) Investment of time, effort and resources in education and training — to increase one's own knowledge, skills, health, etc., or to develop those assets in others.
Income (1.1, 1.4) Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.
Job (1.1) A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.
Labor (1.1) The quantity and quality of human effort available to produce goods and services.
Deductions (1.2) Anything subtracted from your gross income
Exemptions (1.2) Legal allowances that reduce the amount of income taxes subtracted from your gross income.
FICA (1.2) Federal Insurance Contributions Act.
Medicare (1.2) Federal government program, financed by deductions from wages, that pays for certain health care expenses for older citizens.
Net income (1.2) Commonly called “take home pay”; it is your income after all deductions and exemptions.
Goal (1.3) A statement about what a person wants to be, do, or have, accomplished by taking certain steps; provides direction to a plan of action.
Goal setting (1.3) The process used to determine what an individual wants to be, do, or have (i.e., what a person wants to accomplish).
Budget (1.4) A plan for managing money, dividing up expected income and expenses among spending and saving options based on personal goals during a given time period.
Expenses (1.4) The costs of goods and services, including those that are fixed (such as rent and auto loan payments) and those that are variable (such as food, clothing and entertainment).
Financial goal (1.4) Desired results from one’s efforts to achieve personal economic satisfaction.
Fixed expenses (1.4) Expenditures that are the same from week to week or month to month, such as mortgage or rent payments and car payments.
Fixed income (1.4) Income that stays the same from week to week or month to month. Usually refers to income from pensions or bonds.
Variable expenses (1.4) Expenditures that change from week to week or month to month — for food, clothing, recreation and entertainment, for example.
variable income (1.4) Income that varies from week to week or month to month.
Career (1.1) A purposeful course of action or purpose in life that generally provides income.
Created by: shelley.wirtz on 2013-08-19



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