Personal Finance Final
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| Taxes | Required charges of citizens by local, state, and federal governments; roads, police, schools, government, fire and emergency services
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| W-4 Form | Filled out before job; Employee's withholding allowance certificate; determines the amount of money withheld for taxes
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| I-9 Form | Used to prove the identity of people and avoid hiring non U.S. citizens; passport, driver's licence, U.S. military card, Social Security card, birth certificate
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| W-2 Form | States the amount of money earned and taxes paid througout the previous year
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| Paycheck | Paper check with stub; least secure
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| Direct Deposit | Employers directly deposit employee's paycheck into the authorized employee's bank account
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| Payroll Card | Electronically carries the balance of the employee's net income
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| Paycheck Pros | Employee controls when the check is deposited
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| Paycheck Cons | Least secure; employee is responsible for getting it to the bank; easy to lose
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| Direct Deposit Pros | No direct handling of check; employee knows exactly when he/she will be paid
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| Direct Deposit Cons | There could be a computer issue
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| Payroll Card Pros | Money goes to the card automatically
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| Payroll Card Cons | May charge fees for the card
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| Personal Information | The employee's full name, address, and social security number or employee identification number
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| Pay Period | The length of time for which an employee's wages are calculated; weekly, bi-weekly, or monthly
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| Gross Income | Multiply hours by pay rate; Total amount of money earned before payroll withholdings
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| Payroll Withholdings | Amount of money subtracted from the gross income for taxes
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| Withholding Tax | Amount required by law for employers to withhold from earned wages to pay taxes
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| FICA | Federal Insurance Contribution Act; Medicare and Social Security
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| Social Security | Provides retirement income for the elderly and pays disability benifits
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| Medicare | Health care program for the elderly and disabled
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| Net Income | Amount left after all payroll deductions have been taken from the gross income; Gross income minus taxes
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| Year-to-Date | Totals all of the deductions which have been withheld from an individual's paycheck from January 1st to the last day of the pay period indicated on the paycheck stub
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| Job | A specific task done as a part of the routine of one's occupation
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| Occupation | A wide category of jobs with similar characteristics
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| Career | A lifetime journey of building and making good use of your skills, knowledge, and experiences
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| Human Capital | Process of self-investment
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| Transferable Skills | Skills acquired through the process of self-investment
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| Standard of Living | Minimum necessities, comforts, or luxuries thought to be essential
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| Well-being | State of being happy, healthy, and prosperous
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| Factors that influence a career | Jobs, occupations, human capital, transferable skills, education, family/friends, and leisure activites
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| Goal | Something a person intends to accomplish
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| Why Set Goals? | Like a road map; provides direction, focus on important things, and keep the end result in mind
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| Short-Term Goals | Can be accomplished within one year
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| Long-Term Goals | Can be accomplished in more than one year
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| SMART Goals | Well written goals that are Specific, Measurable, Attainable, Realistic, and Time bound
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| Educational Goals | Help individuals prepare for success in the workplace; short and long term; provide guidance and direction; enable individuals to reach financial goals
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| Financial Goals | A goal that guides financial planning; short and long term
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| Specific | State exactly what is to be done
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| Measurable | Include how the goal can be measured
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| Attainable | Determine steps to reach the goal
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| Realistic | Don't set goals for something unrealistic
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| Time Bound | State when the goal will be met
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| Decision | A choice that is made about things that affect a person's life
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| Routine Decisions | Made on a day-to-day basis; don't require a lot of time to think through; can become a habit
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| Major Decisions | Have long-term effects on your life; should be made very carefully and with a lot of thought
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| Financial Decisions | Major decision; impact an individual's or family's well-being
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| Decision Making Process | Guides individuals to think through all components of making a good decision
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| Identify the Problem | 1st step in decision making process; Know problem or question before searching for an answer
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| List Alternatives | 2nd step in decision making process; Brainstorm pros and cons for all of the possible choices
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| Decide | 3rd step in decision making process; Make the best choice after thinking about all of the consequences
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| Evaluate the Results | 4th and final step in decision making process; Will help in making the better decision in the future
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| Values | Something that is desirable, worthwhile, and important; influenced by family, friends, teachers, coaches, tv, and movies
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| Need | Something necessary or required for life
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| Wants | Something unnecessary but desired
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| Bartering | Direct exchange of one good for another
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| Lydians | group of people that were the first in the Western World to make coins
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| Commodity Money | Coins containing precious metals; traded because of its value
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| Mulberry Bark Tree | Used by Chinese to make their paper money
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| Representative Money | Tokens or pieces of paper that aren't intrinsically valuable; can be exchanged for commodity
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| Fiat Money | Can't be redeemed for a commodity
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| Federal Reserve | Responsible for maintaining the integrity of U.S. currency
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| Chinese | First nationality to use paper money
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| Spanish 8-reale | One of the most widely used coins during the 18th century; split into pieces
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| Needs Examples | Water, food, shelter, and clothing
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| Wants Examples | iPod, laptop, iPhone, car, tv
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| Spending Plan | Financial statement individuals can use to assist with money management
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| Income | Money going in
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| Expenses | Money going out
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| Spending Plan Benifits | Gives understanding of where money is going, tracks income and expenses, helps people meet financial goals, and helps people live within their income
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| Major Expenditures | largest expenses in a spending plan; housing,transportation, insurance, food, other, & savings
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| Pay What First? | Yourself
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| Insurance | protects people financially from unexpected expenses caused by accidents or illness
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| Types of Insurance | Health, Automobile,& Home
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| Housing Expenses | Insurance, taxes, maintenance, utilities, move-in costs, & monthly payment
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| Car Expenses | Monthly payment, maintenance, fuel, licence and registration, insurance, & optional upgrades
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| Food Expenses (Least Expensive to Most Expensive) | Meals from scratch at home, convenience foods at home, fast food, sit-down restaurant
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| Savings | Income not spent on current expenses
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| Pay Yourself First | Set aside money for saving before spending any money
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| Savings % | 10%
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| Insurance % | 7%
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| Housing % | 30%
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| Transportation % | 20%
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| Food % | 15%
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| Other % | 18%
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| Other Examples | Clothing, Donations, Personal Care, & Entertainment
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| Impulse Buying | Unplanned buying, little consideration of product
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| Comparison Shopping | Planned buying, careful consideration of product
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| Benefits of Comparison Shopping | buy same product for less money, buy more goods with the same amount of money, buy a better quality product for the same amount of money
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| Steps of Comparison Shopping in Order | 1) Decide exactly what is needed before shopping, 2) What is the quality of the product I am using? 3) What is the total cost? 4) How will the product be used? 5) Consider the opportunity cost and make a decision
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| Opportunity Cost | Something an individual gives up to receive another
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