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Career
A lifetime journey of building and applying skills, knowledge, and experiences in paid employment positions
Career cluster
Grouping of occupations and industries based on knowledge and skills
Formal continuing education
Training for a specific set of new skills provided by experts in a particular field
Informal continuing education
Learning that occurs outside of a structured educational setting, often self-directed and not leading to a formal qualification.
Standard of living
The level of material comfort as measured by the goods, services, and luxuries
Occupation
Grouping of jobs that perform similar tasks
Cost of living
The average cost of basic necessities, such as housing and food
Employee benefits
Products or services provided by an employer that provide extra value beyond wages
Commission
A few that a salesperson receives upon completion of a sale
Dependent
A person who relies on the taxpayer for financial support
Direct Deposit
Wages are deposited directly into a depository institution account
Employer contributions
The amount the employer has contributed to various employee benefits
W-4 Form
Form that determines the amount an employee’s pay that will be withheld from federal taxes
Income tax
Taxes paid to federal, state, and local governments amount of money earned
Medicare
A federal program whose main purpose is to help pay for health care for those over 65
Paper paycheck
A check written to a worker in the amount of money earned
Payroll card
A reloadable debit card onto which a workers pay is loaded
Payroll tax
Taxes withheld or paid on your behalf by your employer
Pay period
The regular schedule by which employers pay employees
Pay stub
Outlines the deductions made to wages
Social security
A federal government program that funds retirement accounts, financially supports citizens who have experienced profound disability, the premature death of a parent, or widowed women
Tax liability
Total tax bill
Unemployment insurance
A source of income for workers who have lost their jobs through no fault of their own
Workers’ Compensation
A states-sponsored system that pays monetary benefits to workers who become injured or disabled on the job
Excuse tax
Taxes collected from the seller or retailer and as such often remain hidden in the price of a product or service rather than being listed separately
Property tax
A tax on property, such as land, buildings, and motor vehicles
Sales tax
A tax on purchased goods and services
Asset
Items of monetary value a person or household owns
Expense
Money spent
Income
Money received
Investment asset
Financial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the future
Liability
A debt or obligation owed to others
Market Value
The amount you could realistically sell an asset for today
Monetary asset
Assets that can be quickly and easily converted to cash
Net worth
A measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to others
Statement of Financial Position
A financial statement that describes an individual or family’s financial condition in a specified date by showing assets, liabilities, and net worth
Tangible Asset
Personal property that was purchased to create a lifestyle or improve your life
Wealth
A measurement of how much a person or household owns once all debts have been paid
Spending plan
An income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time
Compound Interest
Earning interest on interest
Consumption
The purchase of goods and services
Emergency Savings
Cash set aside to cover the cost of unexpected events
Interest
Price paid for someone else’s money
Interest rate
Percentage rate used to calculate ones interest
Liquidity
How quickly and easily assets can be accessed and turned into cash
Pay yourself first
Saving for the future by putting money aside before paying regular monthly bills or using income for discretionary purchases
Saving
Accumulation of excess funds by intentionally spending less than you earn
Savings
Portion of income not spent on consumption
Time value of money
Money available at the present time is worth more than the same amount if received in the future
Certificate of deposit
Used for a fixed period of time and allows restricted access to the funds deposited
Checking account
An account that allows quick access to funds for transactions
Money market deposit account
An account at a depository institution that usually has minimum balance requirements and tiered interest rates
Savings account
Accounts offered by depository institutions that are designed to hold money not spent on current consumption
Savings tools
Accounts offered by depository institutions whose main purpose is to help people manage their money
Tiered interest rate
The amount of interest earned depends on the account balance
