Careers
True or False: Most people work more than one job during their careers.
What is true?
The total amount of earnings made over a month, after all deductions have been taken out is known as this.
What is gross monthly income?
Name the 3 main sources of tax revenue for the government.
What is incomes, sales and property taxes?
Name three common long-term investment types.
What are stocks, mutual funds, bonds, certificates of deposit (cds)?
This is a contract that outlines coverage plans and protects a person against financial loss or damage.
What is an insurance policy?
If you start a business hoping to make a profit, it is often called this.
What is entrepreneurship?
The total amount of earnings made over a one-year period before any deductions is known as this.
What is gross annual income?
These items are exempt from sales tax in most states.
What are groceries, medication, medical services and insurance?
Explain what PYF stands for and what it means.
What is pay yourself first, which is to automatically save a specified amount from a paycheck for future use before other spending?
Money paid out of pocket before insurance covers the remaining costs is known as this.
What is deductible and/or co-pay?
Three things that should be considered when choosing a career.
What are abilities/aptitudes, interests and values.
Income tax returns are due on or before this day each year.
Name 3 services tax money is used to pay for.
What are roads, mass transportation, military, public schools, libraries, police and fire, parks, unemployment, social security.
This is a simple way to estimate how savings can grow over time and with a predetermined interest rate.
What is the rule of 72?
Name 3 types of insurance.
What are home, health, auto, life, dental, disability, travel, phone or pet?
Name 4 of the 16 career categories learned during our career clusters activity.
What are agriculture, arts, architecture and construction, business management and administration, education, finance, government, health services, hospitality, human services, information, technology, law and public safety, manufacturing, marketing, science, technology, engineering and mathematics (STEM), and transportation?
This is money received, including wages or gifts.
What is income?
A social insurance system that provides benefits to most Americans who are retired, sick or too disable to work, and to families of workers who have died.
What is social security?
This is the next best alternative given up when making a financial decision.
What is opportunity cost?
These policies are in effect for a specific period of time or until you reach a certain age and provide benefits in the event of death.
What are term life insurance policies?
According to the Bureau of Labor Statistics, this degree level most often results in the highest pay and lowest unemployment.
What is an advanced degree?
Money paid to an employee for work done, usually given biweekly based on an annual rate.
What is salary?
What does FICA stand for?
What is the Federal Insurance Contributions Act?
Contributions to this type of IRA are not tax deductible but potential earnings are tax free if withdrawn after age 59 1/2 and the account is at least 5 years old.
What is a Roth IRA?
This is the primary reason people purchase insurance.
What is to protect against risk?