Planning your future
The possession of a body of financial knowledge, a set of basic skills
What is Financial literacy?
The difference between what is owned and what is owed. An asset is an item of value that is owned, such as cash, stocks, bonds, real estate, and personal possessions
What is net worth?
payment for work that is usually calculated on an hourly, daily, or piecework basis
What is wage?
An organization that aids those in need, such as the homeless or victims of natural disasters
What is Charity?
The place you contact months in advance to get retirement benefits.
What is The Social Security Administration?
The process of setting financial goals and developing plans to reach them while meeting financial needs
What is Personal financial planning?
The cost of goods and services purchased. Generally, expenses will be either fixed or variable
What is expense?
income paid as a percentage of sales made by a salesperson
What is commission?
A software program you can use to plan your budget.
What is a Spreadsheet?
A period of slow or no economic growth.
What is a Recession?
Necessities a person must have to survive, things that a person desires but can live without
What are needs and wants?
a plan for the use of money over time based on goals, expenses, and expected income
What is budget?
usually based on worker performance, length of time with the company, or company performance
What is bonus income?
The different types of expenses.
What is Fixed, Variable, Discretionary?
A financial obligation that requires future payment.
What is Liability?
principles and beliefs that a person considers important
What is values?
abundance of money and other assets
What is wealth?
working person pays taxes from each paycheck instead of in one lump sum each year
What is the federal income tax system?
A personal financial strategy that can help you save money.
What is Pay yourself first?
A federal program that provides income when earnings are reduced or stopped because of retirement, serious illness or injury, or death.
What is Social Security?
a value or goal that is given more importance than other values and goals
What is priority?
behaving with sensitivity to social, environmental, and economic issues
What is social responsibility?
all the income an individual receives in a year including both earned and unearned income
What is a gross income?
Having the ability to understand basic topics related to finance, such as wisely making, spending, and saving money.
What is Financial competence?
A written record of an individual’s current financial situation.
What is A Net Worth Statement?