U1
________ income is what a household or individual has to invest, save, or spend after necessities are paid.
Discretionary
_______: Any items subtracted from your paycheck, including state and federal income taxes, Social Security, health insurance or 401(k) contribution
Deduction
______ ______Total earnings before any deductions are taken
Gross Pay
________ costs that occur on an irregular basis rather than monthly
Periodic
___________________goods that consumers see as essentially the same to another product
Substitutes
________ income is the money that is available to invest, save, or spend on necessities and nonessential items after deducting income taxes
Disposable
_____________ _________Financial plan that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment
50/30/20 Budget
What is the difference between a wage and salary:
wage is hourly pay (bi-weekly/weekly pay)
salary is annually (yearly) pay meaning that a person will receive monthly payments
_____ _____________ A labor market where the majority of people have short-term jobs such as freelancing and temp jobs rather than long-term employment
Gig economy
______________________goods that are consumed together
Complements
What are the three examples of "need"
Food
Shelter
Clothing
_______ ___ _______is a competitive situation where a company, state, or nation attempts to undercut the competition's prices by sacrificing quality standards or worker safety (often defying regulation)
Race to the Bottom
__________________An independent contractor who provides a specific service for a certain period of time so after that service is fulfilled they no longer work with the company
Freelancer
True/False -At Hillside High School, the doors open for students at 8:45 a.m.
True
What some examples of variable cost:
Gas
Parking fees
Groceries
Dining out
Clothing
Personal care expenses
Home repairs
Hobbies and recreation
________ are the cost or charge to purchase or create something
Expenses
______ ________ Financial plan where every anticipated earning is assigned a role to be spent, saved, or invested somewhere, so there's no "leftover" money with no purpose
Zero-Based Budget
___________ _________The cost for one item or measurement that allows it to be easily compared to other products to evaluate which is a better deal
Unit Price
_____________The total value of money and other assets, minus outstanding debts
Wealth
___________ costs that change in proportion to how much is produced or sold.
Variable
________ __________the amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare; often used when comparing how expensive it is to live in one city versus another
Cost of Living
What are some examples of fixed cost:
Insurance service
Cell phone service
Loan payments
____________is a legal arrangement in which a third party temporarily holds large sums of money or property until a particular condition has been met.
Escrow
_______________When your expenses exceed your income
Deficit
__________________ is the money that a person or a business receives in return for working, providing a product or service, or investing capital
Income