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PF 3.00-4.00 Vocab

PF 3.00-4.00 Vocabulary Terms

Career  A lifetime journey of building and applying skills, knowledge, and experiences in paid  employment positions
Career cluster  Grouping of occupations and industries based on the knowledge and skills required 
Formal continuing  education  Training for a specific set of new skills provided by experts in a particular field
Human capital  The skills, knowledge, and experiences possessed by an individual
Industry  Group of establishments (businesses) that produce similar products or provide similar  services 
Informal continuing  education  Occurs through social interactions, networking, life’s experiences, and reading 
Job  An activity through which an individual can earn money
Lifestyle  Your habits, attitudes, tastes, moral standards and the amount of goods and services that  you consume 
Occupation   Grouping of jobs that perform similar tasks
Standard of living  The level of material comfort as measured by the goods, services, and luxuries you are able  to purchase
Transferable skills  Versatile skills that are applied to personal and professional roles
Remediation  Sequences of increasingly advanced courses designed to bring academically underprepared  students to the academic skill level expected when entering higher education 
Backwards planning  A strategy in which you start with the end goal and plan backwards to determine the steps  needed to get to that end goal
Career pathway  A series of connected education and training programs that allow you to secure a job and  then to advance within an industry or occupation
Debt‐to‐income ratio  A standard tool that calculates whether a borrower will have difficulty meeting his or her  loan repayment obligations
Job outlook  The demand for a particular job when you are qualified and ready to enter the field 
Consolidate  (financial) To combine (a number of financial accounts or funds) into a single  overall account or set of accounts 
Cost of Attendance  (COA)  Total amount it will cost you to go to school (includes tuition and fees as well as  personal expenses). 
Deferment period  Postponement of payment on a loan allowed under certain conditions and  during which interest does not accrue
Expected Family  Contribution (EFC)   An estimate of the parents' and/or student's ability to contribute to postsecondary expenses. In general, the lower the EFC, the higher the financial aid  award from the college may be. 
FAFSA  The common name for the Free Application for Federal Student Aid form prepared annually to determine eligibility for post‐secondary financial aid 
Financial need   The difference between the cost of attending a particular school and the  expected family contribution. 
Forbearance   Ability to stop or reduce loan payments for up to 12 months while interest is  accruing 
Grant  A tax‐exempt financial aid that may be given for many purposes, not necessarily  just for education
Grace Period  Period of time after a borrower graduates, leaves school or drops below halftime enrollment where they are not required to make certain federal loan  payments
Loan default  Failure to pay a loan according to the agreed upon terms 
Loan servicer  Company that collects payment on a loan 
Net price  The cost of attendance minus grants and scholarships. 
Personal Identification  Number (PIN)  A  four digit number  used as an electronic signature 
Scholarship  Money awarded to students that does not have to be repaid and is based on academic or other achievement to help pay for education expenses 
Student Aid Report  (SAR)  A report that summarizes responses made when completing the FAFSA form
Subsidized loan  A need‐based loan from the federal government, the interest of which is paid for by the U.S. Department of Education while the borrower is in school and  during grace and deferment periods.
Unsubsidized loan  A non‐need‐based loan from the federal government the interest of which is  paid for by the borrower
Work‐study  A federal program that provides part time employment opportunities for students with financial need, allowing them to earn money  to help pay educational expenses. 
Cost of living  The average cost of basic necessities, such as housing and food
Employee benefits  Products or services provided by an employer that provide extra value beyond wages 
Commission  A fee that a salesperson receives upon completion of a sale 
Dependent  A person who relies on the taxpayer for financial support
Direct deposit  Wages are deposited directly into a depository institution account
Employee benefits  Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages
Employer contributions  The amount the employer has contributed to various employee benefits 
Employment  Agreement between an employer and employee  
Form W‐4 (Employee’s  Withholding Allowance  Certificate)  The form that determines the percentage of an employee’s pay that will be withheld for  federal taxes
Gross income  Amount of money earned before payroll taxes 
Income tax  Taxes paid to federal, state and local governments on the amount of money earned
Medicare  A federal program whose main purpose is to help pay for health care for those over 65 
Net income  Amount of money left once all deductions have been taken from gross income 
Paper paycheck  A check written to a worker in the amount of money earned
Payroll card  A reloadable debit card onto which a worker's pay is loaded   
Payroll tax  Taxes withheld or paid on your behalf by your employer 
Pay period  The regular schedule by which employers pay employees
Pay stub  Outlines the deductions made to wages 
Salary  Fixed amount of money or compensation paid to an employee by an employer in return  for work performed
Social Security  A federal government program that funds retirement accounts, financially supports  citizens who have experienced profound disability, the premature death of a parent (if  under the age of 18), or the premature death of a spouse in a family with children 
Tax liability  Total tax bill
Unemployment  insurance A source of income for workers who have lost their jobs through no fault of their own
Workers’  compensation  A state-sponsored  system  that pays  monetary  benefits  to workers who become injured or  disabled on the job
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