Final
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Taxes | required charges by citizens
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| Form W-4 | withholding allowance certificate(determines amount of money withheld for taxes)
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| I-9 | proves identity
avoids hiring non US citizens
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| Form W-2 | Wage and tax statement
states amount of money earned and taxes paid throughout year
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| paycheck | paper check with stub: least secure
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| Pros and Cons of paycheck | Pros: controls when deposited
Cons: responsible for getting it to the bank
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| Direct Deposit | employers directly deposit employee's check into authorized bank account
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| Pros and Cons of direct deposit | Pros: no direct handling, knows exactly when you will be paid
Cons: have to physically go and get cash
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| Payroll Card | electronically carries balance of employee's net income
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| Pros and Cons of payroll card | Pros: wages automatically loaded onto card
Cons: Charge fees for use of card
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| Personal Information | full name, address, SS #/ employee ID #
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| Pay Period | length of time for which an employee's wages are calculated
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| Year-to-Date | totals all the deductions from Jan 1 from the end of the pay period
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| Gross Income | Calculated by multiplying hours worked by wage
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| Payroll Withholdings | amount of money subtracted for taxes
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| Withholding Tax | The amount required by law employers to withhold from earned wages to pay taxes
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| FICA | Federal insurance contribution act
Social Security and Medicare
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| Net Income | The amount left after all payroll deductions have been taken from the gross income
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| Medicare | medical insurance for disabled or elderly
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| Social Security | retirement for elderly or disabled
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| Job | a specific task done as a part of routine of one's occuaption
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| Well-being | sate of being happy, healthy, and prosperous
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| Occupation | A wide category of jobs
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| Standard of Living | minimum necessities thought to be essential
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| Transferable skills | skills acquired through he process of self-investing
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| Career | A lifetime journey of building and making good use of skills
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| Human Capital | The process of self-investment
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| short term goal | completed in a year or less
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| long term goal | completed in a year or more
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| S in SMART goal | Specific
state exactly what needs to be done
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| educational goal | help individuals prepare for success in the workplace
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| financial goal | a goal that guides financial planning
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| M in SMART goal | Measurable
include how the goal can be measured
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| A in SMART goal | Attainable
determine steps to reach goal
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| R in SMART goal | Realistic
do not set goals for something unrealistic
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| T in SMART goal | 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 decision | Made on a day-to-day basis everyday. They don’t require a lot of thought and can become habits.
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| major decision | Have long-term effects and should be made carefully and with a lot of thought
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| financial decision | A type of major decision. It impacts on an individual's or family’s well- being.
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| value | a belief that is important, desirable, or worthwhile
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| Decision-Making Process STEP 1 | identify the problem
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| Decision-Making Process STEP 2 | list alternatives (brainstorm pros and cons)
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| Decision-Making Process STEP 3 | decide
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| Decision-Making Process STEP 4 | evaluate the results
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| need | something necessary or required for life
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| want | something unnecessary but desired
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| bartering | direct exchange of one good for another
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| Money | an item or commodity tb=hat is agreed to be accepted in trade
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| commodity money | coins containing precious metals
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| representative money | tokens or pieces of paper that are not valuable, but can be exchanged for as specific commodity
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| examples of commodities | gold and silver
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| fiat money | similar to representative but can not be redeemed for a commodity
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