College and Career Planning
What is income?
Money you earn for working a job
Full-time employment is defined as working at least
30-40 hours
Want
The easiest way to receive wages and benefits is through what?
A bank account
A plan for your money is also called what?
A budget
What is the workforce?
The group of people in the world that can work
Which type of income is usually specified in an employment contract and paid consistently?
Salary
In the 50/30/20 budgeting rule, 50% of your income should go toward:
Fixed Expenses (rent, food, insurance, car payment)
A checking account allows you to pay with checks and a _____.
Debit Card
Money an employer matches and puts into your retirement account is called what?
401(k)
What is the difference between gross pay and net pay?
Gross pay: the amount you get paid
Net Pay:the amount you take home after taxes
______ are rewards given to company share holders.
Variable
Which loan has the highest interest rate?
Pay Day Loan >:[
Owning a share of a business expecting growth is called what?
Investing
What is an example of an employee benefit?
bonus, extra breaks, paid time off, health insurance, ect
Which type of employment typically offers the MOST flexibility in hours and schedule?
Contract
_____ spending refers to the needs in your budget
Mandatory
What fee occurs when you spend more money then you have in your checking account?
Overdraft fee
How many months of essential expenses should you have in emergencies?
3-6 months
A person has $15,000 in assets and $9,000 in debts. What is their personal net worth?
$6,000
What is the federal program that workers pay into every month until they retire or can no longer work?
Social Security
What will be the largest expense in your budget?
Rent or Mortgage
What are the steps to creating a financial plan?
Goals, Budget, Matches with employers, Emergencies, Invest, Padding
What is the main difference between a Traditional and Roth retirement account?
When taxes are taken.