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Financial Literacy 1

Financial Literacy Chapter 1.

TermDefinition
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