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Earning an Income

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  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-termmedium-termlong-term

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