1. Earning an Income Review

2. A purposeful course of action or purpose in life that generally provides income

3. Career

4. The more ______ a person has, the easier it will be for that person to find employment.

5. Education

6. Money received from work performed; may include salary, wages, tips, professional fees, commissions, etc.

7. Earned Income

8. FICA is also known as

9. Social Security

10. The health, education, experience, training, skills and values of people. Also known as human resources

11. Human Capital

12. When estimating income, you should be sure to include

13. Wages, Commission, Tips, Bonuses

14. Investment of time, effort and resources in education and training- -to increase one's own knowledge, skills, health, etc., or to develop those assets in others

15. Human Capital Investment

16. The _______ is the amount for which a paycheck is written.

17. Net Pay

18. Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends

19. Income

20. When setting _____ goals, set short-term and medium-term goals as steps to accomplish your long- term goals

21. Long-term

22. A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment

23. Job

24. A _______ requires education or training and a _____ does not

25. Career/job

26. The quantity and quality of human effort available to produce goods and services

27. labor

28. A _______ can help you do any of the following evaluate your spending habits avoid running out of money between paychecks increase your savings

29. budget

30. Anything subtracted from your gross income

31. Deductions

32. Legal allowances that reduce the amount of income taxes subtracted from your gross income

33. exemptions

34. Federal Insurance Contributions Act

35. FICA

36. If you sign a lease on an apartment, your rent is a

37. Fixed expense

38. Wages or salary before deductions for taxes and other purposes

39. Gross income

40. Federal government program, financed by deductions from wages, that pays for certain health care expenses for older citizens

41. Medicare

42. The BEST description of a _____ is a plan for saving and spending your money

43. budget

44. Commonly called "take home pay"; it is your income after all deductions and exemptions

45. Net income

46. Setting a goal to purchase a new car in four years is the example of a _____ goal.

47. Medium-term

48. A goal may be all of the following

49. Short-term medium-term long-term

50. What are some of the benefits many employers offer to employees?

51. Health insurance retirement plan health insurance

52. What is required to be subtracted from your gross pay?

53. State and federal taxes

54. What is the opportunity cost of dropping out of school?

55. Higher income

56. The costs of goods and services, including those that are fixed (such as rent and auto loan payments)and those that are variable (such as food, clothing, and entertainment)

57. expenses

58. Income that varies from week to week or month to month

59. Variable income

60. Legal allowances that reduce the amount of income taxes subtracted from your gross income

61. exemptions

62. Wages or salary before deductions for taxes and other purposes

63. Gross income

64. A federal government program that provides retirement, survivor's, and disability benefits, funded by a tax on income, which appears on workers' pay stubs as a deduction labeled FICA

65. Social security

66. A statement about what a person wants to be, do, or have, accomplished by taking certain steps; provides direction to a plan of action

67. goal

68. A plan for managing money, dividing up expected income and expenses among spending and saving options based on personal goals during a given time period

69. budget

70. The process used to determine what an individual wants to be, do, or have (i.e., what a person wants to accomplish)

71. Goal-setting

72. Desired results from one's efforts to achieve personal economic satisfaction

73. Financial goal

74. Expenditures that are the same from week to week or month to month, such as mortgage or rent payments and car payments

75. Fixed expenses

76. Expenditures that change from week to week or month to month-- for food, clothing, recreation and entertainment, for example

77. Variable expenses