Financial Literacy & Individual Responsibility Flashcards
(26 cards)
the money that a person, a region, a country, etc. earns from work, from investing money, from business, ect
income
the lowest wage that an employer is allowed to pay by law
minimum wage
money that employees receive for doing their job, especially professional employees or people working in an office, usually paid once or twice a month the amount is fixed by week/month/year, not by hour.
salary
the money that is available to a person or an organization and a plan of how it will be spent over a period of time.
budget
the ability to use knowledge and skills to manage one’s financial resources effectively for lifetime of financial well-being
financial literacy
the series of jobs that a person has in a particular area of work, usually involving more responsibility as time passes.
career
a place where students can study for basic degree after they have finished high school
college
an institution at the highest level of education where you can study for a basic or advanced degree or do research - universities are made up of colleges
University
a school that teacher skills that are necessary for particular jobs, especially in a trades; usually offers certificates, not degrees.
vocational school
to buy property, shares in a company, etc in the hopes of making a profit or to spend money on something in order to make it better or more successful. Can be risky, but also can earn more money.
invest
work for which you receive regular payment
job
thyee state of not having a job
unemployment
a continual increase in the price of goods and services
inflation
the extent to which income is distributed in an uneven manner among a population
income inequality
to be in a condition or situation in which you must have something
needs
to desire or wish for something
wants
Whatever you have to give up when a choice is made
opportunity cost
an amount of money you are paid for a job that is large enough to provide you with the basic things (such as food and shelter) needed to live an acceptable life
living wage
an amount of money that a government requires people to pay according to their income, the value of their property, etc., and that is used to pay for the things done by the government
Taxes
to send away (some of a company’s work) to be done by people outside the company
outsourcing
underployment
Having a job, but the job doesn’t pay enough to live on
Financial independence
Making enough money to live on your own and not be dependent
Making enough money to live comfortably and safely
Financial security
If you make less than this amount per year, you can receive federal
financial assistance
Poverty line
