click below
click below
Normal Size Small Size show me how
T-EPF M3L1 Key Terms
Traditional EPF Module 3 Lesson 1 Key Terms
Term | Definition |
---|---|
Quality of Life | A comprehensive measure of an individual’s overall well-being. |
Education | Involves obtaining and developing knowledge and skills often in a school or training setting. |
Income | The amount of money that an individual earns for work completed. |
Workforce | The amount of people within a country who are able to do a job and are available for employment. |
Career | A profession that someone feels passionate about that they participate in for a long time in their life span. Typically involves more education or training. |
Job | Work that provides someone an income. |
Wage | The amount of money that is regularly paid to someone for the work that they complete, typically on an hourly or completion basis. |
Salary | The set amount of money that is paid to someone each month or year from their employer. |
Employment Benefits | A form of compensation that can be non-cash or cash provided by employers to employees over and above regular salary or wages including health insurance, vacation time, etc. |
Employment Incentives | Used to motivate employees to meet goals for their business (i.e. rewards and privileges). |
Gross Pay | The amount of money received before taxes and deductions are taken out. |
Net Pay | The amount of money that remains after taxes and deductions are taken out that an employee gets to take home with them. |
Disposable Income | The income a person has left after all taxes have been paid. This is used to buy necessities. |
Discretionary Income | Income left after disposable income, which can be saved or spent on luxury items or entertainment. |
Personal Net Worth | A balance of your assets (the things you own) minus your debts (the things you owe) |
Scholarships | Financial assistance for college based on merit. |
Grants | Financial assistance for college based on needs. |
FAFSA | Free Application for Federal Student Aid which is used to determine a family’s eligibility for grants, work-study, and loans to pay for college. |
Coverdell Accounts | Tax advantaged savings accounts that can be used for educational purposes. |