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Financial Literacy 1
Financial Literacy Chapter 1.
| Term | Definition |
|---|---|
| Career | A course of action in life that generally provides an income. |
| Earned income | Money received for work done. May include salary, wages, tips, professional fees, etc. |
| Human Capital/Resourses | The health, education, experience, training, skills, and values of people. Also known as human resources. |
| Skillset | Your skills and what you can do the best. |
| Job | A piece of work done on order or at an agreed rate. Also a paid system of regular employment. |
| Human Capital Investment | Investment of time, effort, and resources in education and training to increase one's knowledge, skill, health, etc., or to develop those assets into another. |
| Income | Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest, and dividends. |
| Labor | The quality and quantity of human effort available to produce goods |
| Gross Income | Wages or salary before deductions for taxes and other purposes |
| Net Income | Wages or salary after taxes |
| Medicare | Federal government program, financed deductions from wages, that pays for certain health care expenses for older citizens |
| Social Security | A federal government program that provides retirement, survivor’s, and disability benefits, funded by a tax on income, which appears on workers’ pay stubs as a deduction labeled FICA (for Federal Insurance Contributions Act, the enabling legislation) |
| 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) |
| Income | Money earned from investments and employment |
| Variable income | Income that varies from week to month or from month to month |
| Fixed income | Income that stays the same from week to week or month to month |
| Expenses | The cost 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 Expense | Expenditures that are the same from week to week or month to month, such as mortgage or rent payments and car payments. |
| Variable Expense | Expenditures that change from week to week or month to month. For food, clothing, recreation and entertainment, for example |
Created by:
Merzluck
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