Careers and Income
What is the vocabulary term for the money you receive on a regular basis through work or through investments?
Income
What three different types of taxes did we talk about?
Income tax, sales tax, property tax
What does the acronym PYF stand for?
Pay yourself first
In terms of an insurance policy, what is a premium?
Monthly payment for your policy
What is one major difference between a bank and credit union?
Banks are for profit, credit unions are not for profit
Banks are government owned, credit unions are owned by members
What is at least 1 factor to consider other than money when choosing a career path?
Job growth, available positions, where in the world are these jobs (location)
As of this year New York State Sales Tax is approximately what?
8% (or 8.5, or 8.875%)
What are at least 2 types of higher risk investment options we looked at so far this year?
Stocks, Bonds, mutual funds
Which four prominent types of insurance did we look at so far this year?
Health, auto/car, home, life
Canandaigua National Bank is an example of what type of Financial Institution?
Local Bank
What is at least 1 argument for and 1 argument against going to college after high school?
For - specialized career focus, higher paying job opportunities, further education, transition to adult world
Against - too much money, don’t know what you want to do, start a career sooner
What is the difference between your gross income and net income?
Gross is the total amount you make, net is what’s remaining after tax deductions
What do we mean by “diversification” in terms of investing?
Spreading your investments between multiple different areas to lower risk
In terms of an insurance policy, what is the deductible?
Money you have to pay out of pocket before insurance kicks in
What are at least 2 things to consider when choosing a financial institution?
Fees, benefits, interest rates, cards, accessibility/convenience, minimum deposits
What are the four areas of services represented in the career cluster, STEM? In other words, what does STEM stand for?
Science, Technology, Engineering, Marketing
What is at least 1 thing Property Taxes are used for?
Public schools, libraries, streets and streetlights, police, jail, courts
What are at least 2 online options for investing today?
RobinHood App, TD Ameritrade, Fidelity, JP Morgan, ETrade
What are at least 2 things to consider when choosing where to get insurance?
Policy, deductibles, premiums, packages, customer service
What is the FDIC and what does it stand for?
Federal Deposit Insurance Corporation - insures money in the bank in case of bank failure
What are the three aspects of yourself we evaluated (as part of your Worker Profile) to help consider a future career?
Interests, abilities, values
What is a 1040 form used for?
Filing your income tax return
What is a Mutual Fund?
Shareholders pool money together to buy stocks or bonds in several various corporations
When a person with life insurance passes away, what is the vocabulary term for the person who receives the money from their policy?
Beneficiaries
The Boston Celtics home arena is sponsored by which national bank?
TD Bank