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EPF M1L1 Key Terms

Economics & Personal Finance Module 1 Lesson 1 Key Terms

TermDefinition
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.
Employee 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.
Employee 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 and 529 Plans Tax advantaged savings accounts that can be used for educational purposes.
Created by: dmcsorley13
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