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T-EPF M3L2 Key Terms

Traditional EPF Module 3 Lesson 2 Key Terms

TermDefinition
Full Time Employment When an employee is working for at least 30 hours a week, or 130 hours per month.
Part Time Employment When an employee works less than 30 hours per week, less than 130 hours per month.
Contract Employment Hired as a temporary employee due to their expertise in a specific area and complete a specific project within a certain timeframe.
Active Income Income received from performing a service and includes wages, tips, salaries, commissions, and income from businesses in which there is material participation.
Pension Payment made to people who have retired from work.
Unemployment Compensation Paid by the state to unemployed workers who have lost their jobs due to layoffs or retrenchment. It is meant to provide a source of income for jobless workers until they can find employment.
Social Security Federal insurance program workers pay into until they retire or are no longer able to work.
Portfolio Income Money received from investments, dividends, interest, royalties from an investment, and capital gains.
Dividends A reward, cash, or etc., that a company gives to its shareholders. Dividends can be issued in various forms, such as cash payment, stocks or any other form.
Stock Options Contracts given to an employee by an employer, contractors, consultants, and investors. The contracts grant the right to buy or exercise a set number of shares of the company stock at a pre-set price, also known as the grant price.
Capital Gain Profit one earns on the sale of an asset like stocks, bonds or real estate. It results in capital gain when the selling price of an asset exceeds its purchase price.
Capital Loss Reverse of capital gain or it results in a loss when the investment is sold.
Annuity Series of payments made at equal intervals such as regular deposits to a savings account, monthly home mortgage payment, monthly insurance payment, and pension payments.
Passive Income Income generated is when you make money from an enterprise where you’re not materially involved. This means you’re the silent partner, the investor, the person who is not running the show.
Rental Income Income received from rental properties or goods.
Business Income Income received from the sale of products or services.
Inheritance Assets passed down to individuals after someone dies.
Lump Sum Distribution One-time payment for an entire amount due, rather than payments broken into smaller installments. For example, a profit sharing check. In certain cases, lump-sum distributions receive special tax treatment.
Gambling Gains Any money that is generated from games of chance or wagers on events with uncertain outcomes.
Gambling Losses Loss resulting from games of chance or wagers on events with uncertain outcomes.
Barter Exchanging goods or services without using money.
Royalty Income paid for the use of an original work such as art, music, a logo, film or book.
Created by: dmcsorley13
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