Terms
The amount of money you make
What is income
Money spent on things
What are expenses
Desires
What are wants
The time between birth and death
What is life span
Amount paid for working time in a week that is beyond the standard 40-hour workweek
What is overtime wage
A plan to save money
What is budget
Money that you borrow
What is a loan
Necessities
What are needs
Software program that formats data in columns and rows and can perform calculations
What is a spreadsheet
Payment for work that is usually calculated hourly
What is a wage
A rating based off how likely you are to pay someone back
What is credit
Extra money you have to give to a loaner based off time and amount
What is intrest
Possession of a body of financial knowledge a set of basic skills, and the ability to apply knowledge and skills to making informed, responsible financial choices
What is financial literacy
An abundance of money and other assets
What is wealth
The income received from employment
What is earned income
Spending money expecting to profit
What is investment
Employer-sponsored retirement plan that lets you put money away on a pre-tax basis
What is a 401K
An overview of an individual’s current financial position and strategies to meet future financial aspirations
What is a financial plan
A set amount that must be paid each budget period
Income paid as a percentage of sales made by a salesperson
Commision
Debts or financial obligations an individual or entity owes to others
What are liabilities
Anything of value that can be owned by an individual or entity
What are assets
The ability to understand basic topics related to finance
What is competence
A cost that changes both in the amount and time it must be paid
What is a variable expense
Gratuity
What is a tip