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PFL Standard 1

choice Decision made or course of action taken when faced with a set of alternatives.
cost/benefit analysis, risk/reward relationship A tool used to choose among alternatives; weighing the cost of a product or service against the benefits it will provide.
disincentive A factor or disadvantage that discourages people from doing something.
incentive Any reward or benefit that motivates people to do something.
opportunity cost The value of the second-best alternative that a person gives up when making one choice instead of another.
scarcity An economic condition created by an excess of human wants over the resources necessary to satisfy them,
trade-off Giving up a little of one thing in order to get more of something else.
deductions Anything subtracted from your gross income.
exemptions Legal allowances that reduce the amount of income taxes subtracted from your gross income.
FICA Federal Insurance Contribution Act.
gross income Wages or salary before deductions for taxes and other purposes.
Medicare Federal government program, financed by deductions from wages, that pays for certain health care expenses for older citizens.
net income Commonly call "take home pay'; it is your income after all deductions and exemptions
Social Security A federal government program that provides retirement, survivor's and disability benefits, funded by a tax on income.
Goal 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 The process used to determine what an individual wants to be, do, or have (i.e., what a person wants to accomplish).
Budget 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 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).
Fixed expenses Expenditures that are the same from week to week or month to month, such as mortgage or rent payments and car payments.
Fixed income Income that stays the same from week to week or month to month. Usually refers to income from pensions or bonds.
Income Money earned from investments and employment.
Variable expenses Expenditures that change from week to week or month to month — for food, clothing, recreation and entertainment, for example.
Variable income Income that varies from week to week or month to month.
Created by: Stoll FMS