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
| Term | Definition |
|---|---|
| Value | belief or practice of what is important desirable and worthwhile. |
| Need | item necessary for life |
| Want | unnecessary to life but desired |
| Decision | a choice that can affect something |
| routine decision | made on a daily basis |
| major decision | long term affects w/ more thought |
| financial decision | impacts a family well being |
| well being | state of being happy healthy and prosperous |
| decision making proccess | used when making a major decision and guides people |
| short term | can be accomplished in 1 year |
| long term | can be accomplished in more than 1 year |
| educational goal | helps prepare for success in the work place |
| financial goal | objectives to be accomplished through financial planning |
| specific | state what is exactly to be done |
| measurable | include how the goal can be measured |
| attainable | determine the steps to reach the goal |
| realistic | don't set goals for something unrealistic |
| time bound | state when goal will be met |
| goal | something a person intends to accomplish |
| job | a specific task done as a part of someones routine occupation |
| occupation | wide category of jobs with similar characteristics |
| career | lifetime journey of building and making skills w/ jobs and occupations |
| human capital | process of self investment |
| transferable skills | skills acquired through the process of self investment |
| standard of living | minimum necessities of life |
| taxes | required by local government |
| w-4 form | employees withholding allowance |
| I-9 form | proves identity |
| w-2 form | states amount of money and taxes paid |
| paycheck | paper check with stub/ least secure |
| direct deposit | directly into employees paycheck |
| payroll card | electronically carries balance of the employees income |
| pay period | length of time for which an employees wages are calculated |
| year to date | total deductions from January 1st to last day of payment |
| gross income | total amount of money earned before payroll |
| payroll withholding | amount of money subtracted from gross incomes for taxes |
| withholding taxes | amount required by law for employers to withhold from earned wages to payed taxes. |
| FICA | Federal insurance contribution act |
| Social security | helps provide retirement income for elderly and pays disability |
| Medicare | health care program for elderly and disabled |
| Net income | money left after all deductions |
| Personal information | Full name, address, social security #, identification # |
| withdrawal | Money that is taken out of your account by going into the bank and asking for money or withdrawing amount from an ATM |
| transfer | transfer an action taken to transfer funds from one account to another |
| bank statement | A financial report that is prepared at the end of every month and tells you all the transactions which affected your account throughout the month. |
| savings account | a longterm bank account that earns interest |
Created by:
_madysmith
Popular Business sets