Financial Literacy Unit 1 Part 1 Vocabulary

governmental agency responsible for collecting federal income taxes

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

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

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

the act of making a choice or coming to a solution

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

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

money earned on a fixed basis

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

the steps one takes to make the best decision

something that you have to have in order to live

money earned by the hour

something used to meet a goal

the total amount of money a person earns before deductions

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

using resources effectively to achieve goals and solve problems

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

Social Security and Medicare taxes

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

items that rank high in order of importance to an individual

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

start and end dates used to calculate earnings