Budget
A financial plan that helps you allocate your income to expenses, savings, and investments.
What is a budget?
The form employers use to report your annual income and taxes withheld.
What is a W-2 form?
A numerical representation of your creditworthiness.
What is a credit Score?
The amount of money you earn per hour before taxes and deductions.
What is your hourly wage?
This document highlights your skills, experience, and qualifications for a job
What is a résumé?
The budgeting rule that suggests 50% of your income goes to needs, 30% to wants, and 20% to savings.
What is the 50/30/20 rule?
These deductions include federal, state, and Social Security taxes.
What are payroll deductions?
A loan backed by collateral, such as a car or house.
What is a secured loan?
The term for the additional money you can earn by working extra hours, usually above your regular shift.
What is overtime?
A short-term job that can help you gain experience for your future career.
what is an internship?
Expenses like rent and utilities that stay the same each month.
What are fixed expenses?
The rate of income tax you pay increases as your income increases.
What is a progressive tax system?
The smallest amount you must pay each month on a credit card bill.
What is the minimum payment?
A yearly amount calculated by multiplying your hourly wage by the number of hours worked in a year.
Annual Salary
Setting clear, achievable targets for your career is an example of these types of goals.
What are SMART goals?
This type of expense changes each month, such as groceries or entertainment.
What are variable expenses?
The percentage of your gross pay deducted for Social Security.
What is 6.2%?
The difference between credit cards and debit cards.
What is debit uses your own money while credit borrows money from the bank?
Additional jobs or projects you take on for extra income.
What are side hustles?
A professional contact who can help guide your career development.
What is a mentor?
The recommended number of months’ worth of living expenses to have in an emergency fund.
What is 3-6 months?
If you are self-employed, you receive this form instead of a W-2.
What is a 1099 form?
One way to avoid paying interest on your credit card.
What is paying your balance in full each month?
The benefit provided by some employers where they match a portion of the money you contribute to your retirement plan.
What is a 401(k) match?
The benefit of being your own boss and deciding your working hours.
What is flexibility?