Financial Literacy Unit 1 Part 1 Vocabulary

Something a person wants to have or to achieve, and is willing to work for is known as:

Social Security and Medicare taxes

items that rank high in order of importance to an individual

forms of reward for employment beyond salary, including insurance, vacation, retirement, etc.

governmental agency responsible for collecting federal income taxes

An occupation to which you have made a long-term commitment is known as:

using resources effectively to achieve goals and solve problems

money earned by the hour

the steps one takes to make the best decision

the total amount of money a person earns before deductions

A goal that requires a considerable amount of time to achieve--longer than 1 year.

the act of making a choice or coming to a solution

Amount of money taken from an employee's gross pay for taxes, insurance, Social Security, etc.

Ideas about right and wrong and what is important in your life is known as:

start and end dates used to calculate earnings

An arrangement in which a person's pay is electronically transferred directly into bank account

something used to meet a goal

amount of income left after taxes and other deductions are taken out

something that you have to have in order to live

extra pay for each hour worked in excess of 40 hours per week

money earned on a fixed basis

A goal that requires a short period of time to achieve--usually less than 1 year.