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Unit 3 PF
Personal finance definitions - Unit 3
| Question | Answer |
|---|---|
| Wage | The compensation earned by employees who are paid on an hourly basis. |
| Soft Skills | non-technical skills that are an asset in a workplace. |
| Net Pay | the amount of money employees actually take home after all payroll deductions |
| Return on Investment | A calculation of the monetary value of an investment versus its cost |
| Work Study Program | a type of federal financial aid that allows students who demonstrate financial need to work part-time while enrolled in school. |
| Salary Jobs | almost exclusively full-time employees |
| Benefits | an ability to effectively budget for costs, higher savings rates for retirement, and making prudent investment choices that will help the individual reach his or her financial goals |
| FAFSA | the official form to apply for federal financial aid to pay for college |
| Subsidized Loan | loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid |
| Economic Stability | you feel confident with your financial situation. You don't worry about paying your bills because you know you will have the funds. You are debt free, you have money saved for your future goals and you also have enough saved to cover emergencies. |
| Career Incentives | anything that pushes people, businesses, and governments to do one thing or another. This includes what products you buy, what career you choose, what products businesses produce, and what government programs are put in place. |
| 529 Account | an investment account that offers tax benefits when used to pay for qualified education expenses for a designated beneficiary. |
| Unsubsidized Loan | loans for both undergraduate and graduate students that are not based on financial need. |
| Economic Mobility | a measure of how much a person's income changes over time. |
| Gig Economy | a labor market that relies heavily on temporary and part-time positions filled by independent contractors and freelancers rather than full-time permanent employees |
| Disposable Income | After-tax income |
| Grant | a gift to an individual or company that does not need to be paid back. |
| Dept Ratio | all your monthly debt payments divided by your gross monthly income. |
Created by:
jaylahh
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