3.0 VocabPF- Personal Finance – Flashcards
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Backwards planning
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Strategy that starts with end goal & plan backwards to determine the steps needed to reach goal
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Career cluster
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Grouping of occupations and industries based on the knowledge and skills required
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Career
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Lifetime journey of building and applying skills, knowledge, and experiences in paid employment positions
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Career pathway
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Series of connected education & training programs to help secure & advance in an occupation
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Commission
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Fee that a salesperson earns upon completion of a sale; usually a % of sales amount
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Consolidate
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To combine a number of financial accounts or funds into a an overall account
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Cost of attendance
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Total amount it will cost you to go to school (Includes tuition, fees, personal expenses)
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Cost of living
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Average cost of basic necessities such as housing and food
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Debt-to-Income- ratio
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Standard tool to calculate if a borrower will have difficulty meeting loan repayments obligations
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Deferment period
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Postponing payment on loan allowed under certain conditions & during which interest does not accure (Add up)
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Dependent
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Person who relies on the taxpayer for financial support
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Direct deposit
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Wages Are deposited directly into a depository institution account
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Employee benefits
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Products or services provided by an employer that provide extra value beyond wages
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Employee contributions
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Amount the employer contributes to various employee benefits
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Employment
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Agreement between employer and employee
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Expected family contribution
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An estimate of the parents' and/ or student's ability to contribute to post-secondary expenses. In general, the lower the EFC, the higher the financial aid award from the college may be
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FAFSA- Free Application for Ferderal Student Aid
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Prepared yearly determining eligibility for financial aid
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Financial need
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Difference between the cost of attending a particular school and the expected family contribution
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Forbearance
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Ability to stop or reduce loan payments for up to 12 months while interest is accruing (Adding up)
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Formal continuing education
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Training for a specific set of new skills provided by expert sin a particular field
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Grace period
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Period of time after a borrower graduates, leaves school or drops below half-time enrollment where they are not required to make certain federal loan payments
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Grant
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Tax exempt financial aid that may be given for many purposes, not necessarily just for education.
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Gross income
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Amount of money earned before payroll taxes
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Human capital
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The skills, knowledge, and experiences possessed by an individual
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Income tax
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Tax paid to Ferderal/state government based on the amount of money earned
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Industry
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Group of establishments (businesses) that produce similar products or provide similar services.
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Informal continuing education
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Occurs through social interactions, networking, life's experiences, and reading
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Job
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An activity through which an individual can earn money
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Job outlook
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Demand for a particular job when you are qualified and ready to enter the field
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Lifestyle
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Your habits, attitudes, tastes, moral standards and the amount of goods/services you consume
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Loan default
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Failure to repay a loan according to the agreed upon terms
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Loan servicer
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Company that collects payment on a loan
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Medicare
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Federal program providing health care for those age 65 and over
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Net income
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Amount of money left after all deductions made from gross income
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Net price
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Cost of attendance minus grants and scholarships
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Occupation
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Grouping of jobs that perform similar tasks
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Paper paycheck
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A check written to a worker for the amount of money earned
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Pay period
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The regular schedule by which employer pay employees;weekly,biweekly,monthly
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Pay stub
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Part of check that lists wages earned earned, deductions and net pay
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Payroll card
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A reloadable card onto which a worker's pay is loaded
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Payroll tax
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Taxes withheld or paid on your behalf by your employer (Medicare, social security)
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Personal identification number (PIN)
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Number used as an electronic signature
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Remediation
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Courses designed to bring academically underprepared students to the academic skill level expected
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Salary
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Fixed amount of money or compensation paid to an employee by employer for work performed
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Scholarship
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Money awarded to students that does not have to be repaid, based on academic or other achievement
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Social security
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Federal program that funds retirement, disability, survivor (children<18) benefits
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Standard of living
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Level of material comfort as measured by the goods, services and luxuries you are able to purchase
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Student aid report (SAR)
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Summarizes responses made when completing the FAFSA form
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Subsidized loan
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Need base loan from the federal government, the interest of which is paid for by the U.S. Department of Education while the borrower is in school and during grace and deferment periods.
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Tax liability
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Total taxes due, the tax bill
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Transferable skills
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Versatile skills that are applied to personal and professional roles
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Unemployment insurance
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Source of income for workers who have lost job through no fault of own, paid by employer
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Unsubsidized loan
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Non-need based loan from the federal government, interest of which is paid for by the borrower.
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W-4 (Employer's Withholding Allowance Certificate
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Form that determines % of employee's pay that is withheld for Ferderal taxes
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Work study
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Ferderal program that provides part time employment opportunities for students with financial need, allowing them to earn money to help pay education expenses
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Worker's compensation Insurance
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State sponsored monetary benefits to workers injured or disabled on the job, paid by employer
