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Unit 1 Personal Fin.

TermDefinition
Choices Decisions you make about how to use your money and resources.
Consequences The results or effects that happen because of a financial decision.
Costs The amount of money you must give up to buy or obtain something.
Debt Money that you owe to another person or organization.
Needs Things you must have to live and meet your basic responsibilities.
Self-Interest Making financial decisions based on what you believe is best for yourself.
Values The beliefs and principles that influence how you make financial decisions.
Wants Things you would like to have but do not need to live.
Income Money you receive from work, investments, or other sources.
Salary A fixed amount of money an employee earns from their job, usually paid annually or in regular installments.
Wages Money earned from working, usually based on an hourly rate or the amount of work completed.
Benefits Extra forms of compensation from an employer, such as health insurance or paid time off.
Deductions Amounts taken out of your paycheck for taxes, benefits, or other expenses.
Federal Income Tax A tax collected by the federal government from money you earn.
FICA A federal payroll tax that helps fund Social Security and Medicare.
Gross Pay The total amount of money you earn before taxes and other deductions are taken out.
Medicare Tax A payroll tax that helps fund the federal Medicare health insurance program.
Net Pay The amount of money you take home after taxes and other deductions are removed from your gross pay.
Social Security Tax A payroll tax that helps fund Social Security benefits for eligible people.
State Income Tax A tax collected by a state government from money you earn.
Commission Money earned based on the amount or value of products or services you sell.
Overtime Pay Extra money paid to eligible employees for working more than their regular hours.
Year-to-Date The total amount earned, paid, or deducted from the beginning of the year up to the current date.
Created by: nwverren
 

 



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