Financial Decision Making/Banking
is an amount of money that is paid in exchange for using someone else’s money
Interest
The type of auto insurance coverage that is mandated by law
Liability Coverage
Yearly pay is considered a
salary
A tax on goods such as alcohol, tobacco, gasoline and gambling
Excise or Sin Tax
Our taxes are due
April 15
expenses are more pressing than others or may be unexpected and must be prioritized over others
Urgent
Provides lifetime coverage with a transfer of wealth to beneficiaries or a cash-out of the value of your policy at any time prior to your death
Whole life insurance
wage
Take home pay is considered your:
Net Income
At the start of the New Year, your employer sends you this form to display your total earnings for them for the prior year.
W-2
are expenses that are essential and unavoidable.
Exclusions
The likelihood of new job opportunities in a given industry.
Job Outlook
It documents the different types of income a taxpayer received throughout the year in addition to their regular salary
1099
Employee contributions for health insurance and retirement plans are considered _______deductions
Pre-tax
people who do not have any relationship with a bank
unbanked
Insurance providers organize ____ _____ to distribute, or spread, the risks of some kinds of financial losses
Risk pools
amount of money a person is able to make in their career
earning potential
Laws that require employers to list a salary range for a job they list online
include detailed information about worker’s earnings, including amounts earned and amounts taken out of employee pay
Pay Stubs
The economic context or circumstances in which a person makes financial decisions
Economic environment
What is the full name for the health insurance plan that is usually the cheaper option between the two offered by your employer
Health Maintenance Organization (HMO)
Two major causes of changes in the economy are changes in:
Production capabilities & Consumer demands
Laws that allow workers to choose not to join their careers' labor union
Right to Work Labor Law
What is the full name for:
Tax that supports social programs such as Social Security, Medicare (elderly), Medicaid (low-income) and Disability
Employers and employees split the tax, with each paying 7.65% of the employee’s income
Federal Insurance Contribution Act