Definitions
The overview of an individual’s current financial position and strategies to meet future financial aspirations
What is a Financial Plan?
_____ is the possession of a body of financial knowledge, a set of basic skills, and the ability to apply knowledge and skills to making informed, responsible financial choices.
What is Financial Literacy?
This tax is levied on personal earnings.
What is Personal Income Tax?
Software program that formats data in columns and rows and can perform calculations.
What is a Spreadsheet?
The income received from employment, including self-employment.
What is Earned Income?
Stages a family passes through over its lifetime
What is Family Life Cycle?
The _______ and ____ ___ of 2017 introduced many changes to income tax laws in the United States.
What is the Tax Cuts and Jobs act?
This tax is levied by state and local governments on purchases of goods and services.
What is Sales Tax?
The cost of goods and services purchased.
What is an Expense?
Payment for work that is usually calculated on an hourly, daily, or piecework basis.
What is a Wage?
Payments made to individuals from the federal government through various social benefit programs?
What is Transfer Payment?
A ________ ____ ____ is a major problem that changes a person or family’s lifestyle and future.
What is Personal Financial Crisis?
This tax is levied on property owned.
What is Property Tax?
A set amount that must be paid each budget period.
What is a Fixed Expense?
The amount paid for working time in a week that is beyond the standard 40-hour workweek.
What is Overtime Wage?
Wages or salaries and benefits paid to employees.
What is Compensation?
Young adults who are newly independent will face many new _________.
What is Financial Responsibilities?
This tax is levied on assets.
What is Wealth Tax?
A cost that changes both in the amount and time it must be paid.
What is a Variable Expense?
A wage based on a rate per unit of work completed.
What is Piecework?
Behaving with sensitivity to social, environmental, and economic issues.
What is Social Responsibility?
Your financial and ________ interests are linked to global trade and international economics.
What is Consumer?
This tax imposes a higher tax rate on those with higher incomes.
What is Progressive Tax?
An amount spent for an item that a person could do without.
What is a Discretionary Expense?
Often a starting point for young workers.
What is a minimum-wage job?