Chapter 2
Income
What is money coming in through wages earned, allowance, or other sources?
Risk
What is the likelihood of loss?
Liquid asset
What is something that can be turned into cash easily without losing its value?
Resume
What is a snapshot of your qualifications which can include your education and previous work history?
Gross income
What is the total amount of a person's income from (almost) any source?
Liability
What is one's debt or expenses?
Cash inflow and outflow
What are money received from various sources, money coming in and money spent or paid to someone, money going out?
Budget
What is a forecast of future cash inflows and outflows?
Cover letter
What is a letter written to an employer expressing your interest in a position or job?
Tax return
What is a formal report to the IRS that contains all the information relative to a person’s income taxes for a specific year?
Asset and example
What is anything one owns, such as a car or home?
Forecast
What is a projection about what will happen in the future?
Personal balance sheet
What is a financial statement that tells our financial position at a specific point in time?
Sources of career information
What are books, the internet, field trips, and speakers?
Filing status
What is single, married filing jointly, married filing separately, head of household, qualifying widow(er) with dependent children?
Determine Net Worth
What is Assets - Liabilities= Net Worth?
Fixed and Variable expenses
What are expenses that remain the same from period to period, and expenses that remain the same from period to period?
Market value
What is what something would be worth if you sold it today?
Getting skills needed for a job
What are colleges and universities that give you training in education form?
Gross income includes
What is income from tips, rental properties, and business income (game show winnings and any scholarship amounts that exceed the cost of tuition and books)?
A financial plan
What is a financial plan specifying financial goals and describing in detail the spending, financing, and investing plans needed to reach those goals?
Short, intermediate, and long term goal
What is accomplished in less than a year, finished in one to five years, and done in 5+ years?
Current liabilities and long term liabilities
What is money you must pay off within the year and money that will take longer than one year to pay off?
Job application process
What is relevant information about your work history, employer reaching out to previous employers to ask questions, a resume to show education and previous work history, and a cover letter expressing interest in a position or job?
Adjusted Gross Income
What is income calculated by taking total income and subtracting allowable amounts that include contributions to certain retirement accounts, alimony payments, interest paid on student loans, and other expenditures that are identified by the IRS?