Basic Definitions
A careful plan for spending or saving for a certain period of time.
What is A Budget?
A series of trainings and jobs in chosen fields tied to personal and professional goals.
What is a Career?
The possibility of financial loss or physical harm
What is risk?
Income after all items like taxes have been deducted.
What is Net Income?
Money borrowed that must be repaid, usually with interest.
What is a loan?
A way to measure the potential for a borrower to repay money owed.
What is a credit report?
A grouping of jobs and industries related by skills or products.
What is a career cluster?
Being willing to accept limits on and standards for your choices, as well as accepting consequences of those choices.
What is personal responsibility?
Your wages before taxes and other deductions.
What is gross income?
The ability to buy goods or services before paying for them, based on an agreement to payment later - usually with interest.
What is a Credit Card?
Required payment to the government.
What are taxes?
Plans that can be accomplished within 3 months to a year.
What are short term goals?
60% of Americans do NOT have one of these and therefore have no financial freedom or flexibility.
What is an emergency fund?
The amount earned from working.
What is income?
A card that pays for a purchase directly from checking account
What is a Debit Card
Healthy financial practices, including having a budget, paying yourself first, using credit wisely and spending within your means.
What is Financial Responsibility?
Plans that take a year or more to accomplish.
What are long term goals?
A contract, in the form of a policy that protects a person against specified financial loss or damage.
What is insurance?
Automatically saving a specified amount from income for future use each time you receive income, before spending any money or paying any bill.
What is Pay Yourself First?
A method of transferring money to a company, person, or bank online or through a mobile device.
What is a Payment App?
The amount spent to make purchases and pay bills.
What are expenses?
Full or partially employer-paid insurance, retirement savings, and other payment that an employers offer an employee.
What are benefits?
ARTA are the four ways of handling risk. It stands for:
Avoid, Reduce, Transfer, Accept
Money that an employer takes from an employee's paycheck to pay taxes, health insurance and other deductions.
What are deductions?
A mobile system that include a payment app and stores a user's financial data from multiple sources so it can be used for payment.
What is Digital Wallet?