Financial Literacy Chapter 1.
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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| Career | A course of action in life that generally provides an income.
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| Earned income | Money received for work done. May include salary, wages, tips, professional fees, etc.
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| Human Capital/Resourses | The health, education, experience, training, skills, and values of people. Also known as human resources.
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| Skillset | Your skills and what you can do the best.
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| Job | A piece of work done on order or at an agreed rate. Also a paid system of regular employment.
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| Human Capital Investment | Investment of time, effort, and resources in education and training to increase one's knowledge, skill, health, etc., or to develop those assets into another.
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| Income | Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest, and dividends.
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| Labor | The quality and quantity of human effort available to produce goods
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| Gross Income | Wages or salary before deductions for taxes and other purposes
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| Net Income | Wages or salary after taxes
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| Medicare | Federal government program, financed deductions from wages, that pays for certain health care expenses for older citizens
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| Social Security | A federal government program that provides retirement, survivor’s, and disability benefits, funded by a tax on income, which appears on workers’ pay stubs as a deduction labeled FICA (for Federal Insurance Contributions Act, the enabling legislation)
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| Goal | A statement about what a person wants to be, do, or have accomplished by taking certain steps; provides direction to a plan of action
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| Goal Setting | The process used to determine what an individual wants to be, do, or have (i.e., what a person wants to accomplish)
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| Income | Money earned from investments and employment
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| Variable income | Income that varies from week to month or from month to month
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| Fixed income | Income that stays the same from week to week or month to month
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| Expenses | The cost of goods and services, including those that are fixed (such as rent and auto loan payments) and those that are variable (such as food, clothing, and entertainment)
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| Fixed Expense | Expenditures that are the same from week to week or month to month, such as mortgage or rent payments and car payments.
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| Variable Expense | Expenditures that change from week to week or month to month. For food, clothing, recreation and entertainment, for example
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Merzluck
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