Basic Definitions
A careful plan for spending or saving for a certain period of time.
What is A Budget?
A series of trainings and jobs in chosen fields tied to personal and professional goals.
What is a Career?
The possibility of financial loss or physical harm
What is risk?
Income after all items like taxes have been deducted.
What is Net Income?
How many career clusters are there?
What is 16.
What is a goal
A grouping of jobs and industries related by skills or products.
What is a career cluster?
Being willing to accept limits on and standards for your choices, as well as accepting consequences of those choices.
What is personal responsibility?
Your wages before taxes and other deductions.
What is gross income?
A series of training and jobs in a chosen field tied to personal goals.
What is a career.
Required payment to the government.
What are taxes?
Plans that can be accomplished within 3 months to a year.
What are short term goals?
60% of Americans do NOT have one of these and therefore have no financial freedom or flexibility.
What is an emergency fund?
The amount earned from working.
What is income?
A person's awareness of special qualities he or she has including values, skills, and interests
What is self knowledge.
A person's awareness of special qualities.
What is Self Knowledge
Plans that take a year or more to accomplish.
What are long term goals?
A contract, in the form of a policy that protects a person against specified financial loss or damage.
What is insurance?
Automatically saving a specified amount from income for future use each time you receive income, before spending any money or paying any bill.
What is Pay Yourself First?
The expression of who you are and what makes you unique.
What is personal brand.
The amount spent to make purchases and pay bills.
What are expenses?
Full or partially employer-paid insurance, retirement savings, and other payment that an employers offer an employee.
What are benefits?
ARTA are the four ways of handling risk. It stands for:
Avoid, Reduce, Transfer, Accept
Money that an employer takes from an employee's paycheck to pay taxes, health insurance and other deductions.
What are deductions?
S.M.A.R.T. Goals stand for?
Specific, Measurable, Attainable, Realistic, and Timely