Unit 1
the ideals that are important to you and your career choice
Values
A fractional share of a corporation sold to the public.
Stock
A for-profit institution that offers personal loans, mortgages, and other services.
Bank
Goods or services that people cannot survive without, such as water, food, shelter, and clothing.
Needs
total amount of earnings made over a month BEFORE any deductions (1/12 of GAI)
Gross Monthly Income
Automatically routing your specified savings contribution from each paycheck when it is received
Pay Yourself First
Money in the form of bills or coins
Cash
The next best alternative given up when making a financial choice.
Opportunity Cost
Amount of monthly income remaining after all deductions have been taken (sometimes referred to as take-home pay)
Net Monthly Income (NMI)
the amount of money that an individual or business must pay for an insurance policy
Premium
A card authorizing the holder to buy goods and services that can be paid for later.
Credit Card
A record of income and spending and a plan for managing money.
Budget
a social program that helps pay for health care coverage to almost all Americans age 65 & over
Medicare
a way to minimize risk for accidents and unforeseen circumstances
insurance
A card that looks like a credit card but operates like cash; money is immediately subtracted from the cardholder's bank account when a purchase is made.
Debit Card
Making a purchase based on an immediate want or due to the pressure of advertising.
impulse buying
a grouping of jobs and industries related by skills or products
Career Cluster
an easy way to estimate the number of years required to double your money at a specific annual rate of return
Rule of 72
A record of a person's financial information, including previous addresses, Social Security number, current and previous employers, estimated income, credit card accounts with amount owed and payment history, and loan information.
Credit Report
The economic condition of limited resources that prevents people from having everything they want.
Scarcity