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Income & Education
| Question | Answer |
|---|---|
| Wage | payment made by an employer to an employee for work done in a specific period of time. |
| Salary | the total amount of money that an employee is paid every year to do their job |
| Economic Stability | a situation where all the essential economic resources of a country are available to its citizens, |
| Economic Mobility | people's ability to improve their economic status over the course of their lifetimes. |
| Hard Skills | specific abilities, capabilities and skill sets that an individual can possess and demonstrate in a measured way. |
| Soft Skills | non-technical skills that describe how you work and interact with others. |
| Job | the regular work that a person does to earn money: |
| Career | a profession or chosen line of work. |
| Gig Economy | a free market system in which temporary positions are common and organizations hire independent workers for short-term commitments. |
| Gross Pay | what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. |
| Net Pay | take-home pay or the amount employees earn after all payroll deductions are subtracted from their gross pay. |
| Incentives | something that encourages a person to do something: |
| Disposable Income | the amount of money that people or families have left over after paying their taxes and other mandated costs. |
| Return on Investment | any program or reward introduced in the workplace to encourage employee performance and stimulate productivity. |
| FAFSA | Free Application for Federal Student Aid |
| 529 Account | an investment account that offers tax benefits when used to pay for qualified education expenses for a designated beneficiary. |
| Grant | a form of aide that is granted, or gifted, to students based on their financial needs. |
| Work Study Program | a way for students to earn money to pay for school through part-time on- (and sometimes off-) campus jobs. |
| Subsidized Loan | Needs based loans that do not accrue interest while you are in school at least half-time or during deferment periods. |
| Unsubsidized Loan | Loans for students that are not based on financial need. Interest is charged during in-school, deferment, and grace periods. |
| Debt to Income Ratio | the percentage of monthly income used to repay debt. |
Created by:
tamaralamb
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