Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Personal Finance
Final
| Term | Definition |
|---|---|
| Taxes | required charges by citizens |
| Form W-4 | withholding allowance certificate(determines amount of money withheld for taxes) |
| I-9 | proves identity avoids hiring non US citizens |
| Form W-2 | Wage and tax statement states amount of money earned and taxes paid throughout year |
| paycheck | paper check with stub: least secure |
| Pros and Cons of paycheck | Pros: controls when deposited Cons: responsible for getting it to the bank |
| Direct Deposit | employers directly deposit employee's check into authorized bank account |
| Pros and Cons of direct deposit | Pros: no direct handling, knows exactly when you will be paid Cons: have to physically go and get cash |
| Payroll Card | electronically carries balance of employee's net income |
| Pros and Cons of payroll card | Pros: wages automatically loaded onto card Cons: Charge fees for use of card |
| Personal Information | full name, address, SS #/ employee ID # |
| Pay Period | length of time for which an employee's wages are calculated |
| Year-to-Date | totals all the deductions from Jan 1 from the end of the pay period |
| Gross Income | Calculated by multiplying hours worked by wage |
| Payroll Withholdings | amount of money subtracted for taxes |
| Withholding Tax | The amount required by law employers to withhold from earned wages to pay taxes |
| FICA | Federal insurance contribution act Social Security and Medicare |
| Net Income | The amount left after all payroll deductions have been taken from the gross income |
| Medicare | medical insurance for disabled or elderly |
| Social Security | retirement for elderly or disabled |
| Job | a specific task done as a part of routine of one's occuaption |
| Well-being | sate of being happy, healthy, and prosperous |
| Occupation | A wide category of jobs |
| Standard of Living | minimum necessities thought to be essential |
| Transferable skills | skills acquired through he process of self-investing |
| Career | A lifetime journey of building and making good use of skills |
| Human Capital | The process of self-investment |
| short term goal | completed in a year or less |
| long term goal | completed in a year or more |
| S in SMART goal | Specific state exactly what needs to be done |
| educational goal | help individuals prepare for success in the workplace |
| financial goal | a goal that guides financial planning |
| M in SMART goal | Measurable include how the goal can be measured |
| A in SMART goal | Attainable determine steps to reach goal |
| R in SMART goal | Realistic do not set goals for something unrealistic |
| T in SMART goal | Time-Bound state when the goal will be met |
| decision | A choice that is made about things that affect a person’s life. |
| routine decision | Made on a day-to-day basis everyday. They don’t require a lot of thought and can become habits. |
| major decision | Have long-term effects and should be made carefully and with a lot of thought |
| financial decision | A type of major decision. It impacts on an individual's or family’s well- being. |
| value | a belief that is important, desirable, or worthwhile |
| Decision-Making Process STEP 1 | identify the problem |
| Decision-Making Process STEP 2 | list alternatives (brainstorm pros and cons) |
| Decision-Making Process STEP 3 | decide |
| Decision-Making Process STEP 4 | evaluate the results |
| need | something necessary or required for life |
| want | something unnecessary but desired |
| bartering | direct exchange of one good for another |
| Money | an item or commodity tb=hat is agreed to be accepted in trade |
| commodity money | coins containing precious metals |
| representative money | tokens or pieces of paper that are not valuable, but can be exchanged for as specific commodity |
| examples of commodities | gold and silver |
| fiat money | similar to representative but can not be redeemed for a commodity |
Created by:
10999
Popular Finance sets