Terms 1
The voluntary giving of help, typically in the form of money, to those in need is called...
Charity
A _________ is a plan for spending, saving, and managing income.
Budget
The buying and selling of goods and services.
Trade
The type of work a person pursues for the majority of their life that may involve formal education, special training, or be within a specific industry.
Career
Money that has to be paid to a government to provide public goods and services
Tax
This is called income and expenses over a given period of time
Cash flow
People may revise their_______ based on unplanned expenses and changes in income.
Budget
Objects that people grow or make—for example, food, clothes, and computers.
Goods
A specific duty, task, or activity someone completes using his or her time, skills, and energy to earn money.
Job
The amount of money a person earns in one year before taxes and includes income from all sources
Gross annual income
A bank account that you can use to set aside money, and that pays you interest.
Savings Account
The money spent on something
Expense
Things that people do—for example, banking, communications, and health care.
Services
Assessing your personal interests, abilities, and career goals is the ______ step in the career planning process.
First
An expense that does not change from month to month.
Fixed Expense
Money that a bank or other financial institution pays you for keeping money on deposit with them, or the amount of money you pay a bank as a fee when you borrow money.
Interest
Money received, especially on a regular basis, for work or through investments
Income
A piece of paper that is given to an employee with each paycheck and that shows the amount of money that the employee earned and the amount that was removed for taxes, insurance costs, etc.
Pay stub
In the career planning process, you apply for employment positions with the use of a ___________or _________.
Resume or application letter
Money that a person spends or gives away that varies from month to month.
Variable Expense
The money gained or left over after money spent (expense) is subtracted from money earned (income).
Profit
People may_______ their budget based on unplanned expenses and changes in income.
Revise
It stands for the Federal Insurance Contributions Act and is deducted from each paycheck. What does this include?
Social Security and Medicare
After filling out the application and sending your resume, you have to do an __________
Interview
Something you wish to achieve or accomplish in a specific amount of time.
Goal