| A | B |
|---|
| Career | lifetime journey of building and applying skills, knowledge, and experiences in paid employment positions |
| Career cluster | Training for a specific set of new skills provided by experts in a particular field |
| Human capital | The skills, knowledge, and experiences possessed by an individual |
| Industry | Group of establishments (businesses) that produce similar products or provide similar services |
| Informal continuing education | Occurs through social interactions, networking, life’s experiences, and reading |
| Job | An activity through which an individual can earn money |
| Lifestyle | Your habits, attitudes, tastes, moral standards and the amount of goods and services that you consume |
| Occupation | Grouping of jobs that perform similar tasks |
| Standard of living | The level of material comfort as measured by the goods, services, and luxuries you are able to purchase |
| Transferable skills | Versatile skills that are applied to personal and professional roles |
| Community | A group of people with common interests and concern for the common good |
| Earned income | Money earned from working for pay |
| Excise tax | Taxes collected from the seller or retailer and as such often remain “hidden” in the price of a product or service, rather than being listed separately |
| Income tax | A tax on earned and unearned income |
| Payroll tax | A tax on earned income |
| Property tax | A tax on property, such as land, buildings (including homes), and automobiles |
| Sales tax | tax on purchased goods and services |
| Taxes | sum of money demanded by a government to support the government itself as well as specific facilities or services |
| Taxpayer | A person who pays a tax to national, state, county or municipal governments |
| Unearned income | Income received from sources other than employment |
| Community | group of people with common interests and concern for the common good |
| Earned income | Money earned from working for pay |
| Excise tax | Taxes collected from the seller or retailer and as such often remain “hidden” in the price of a product or service, rather than being listed separately |
| Income tax | tax on earned and unearned income |
| Payroll tax | tax on earned income |
| Property tax | A tax on property, such as land, buildings (including homes), and automobiles |
| Sales tax | tax on purchased goods and services |
| Taxes | sum of money demanded by a government to support the government itself as well as specific facilities or services |
| Taxpayer | A person who pays a tax to national, state, county or municipal governments |
| Unearned income | Income received from sources other than employment |
| Asset | Items of monetary value a person or household owns |
| Expense | Money spent |
| Income | Money received |
| Investment asset | Financial assets purchased with the hope of generating income & appreciating in value to sell at a higher price in the future |
| Liability | A debt or obligation owed to others |
| Market value | The amount you could realistically sell an asset for today |
| Monetary asset | Assets that can be quickly and easily converted into cash |
| Net worth | A measure of financial wealth & indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to others |
| Statement of Financial Position | A financial statement that describes an individual or family’s financial condition on a specified date by showing assets, liabilities, and net worth |
| Tangible asset | Personal property that was purchased to create a lifestyle or improve your life |
| Wealth | A measurement of how much a person or household owns once all debts have been paid |
| Expense | Money spent |
| Gross income | An individual’s income earned as salary or wages before taxes and other deductions |
| Income | Money received |
| Income and Expense Statement | Lists & summarizes income & expense transactions that have taken place over a specific period of time, usually a month or year |
| Insurance | product that transfers risk from an individual to an insurance company or organization |
| Mortgage | payment, usually monthly, applied to the balance of a home loan used when purchasing housing |
| Net gain | When income is greater than expenses |
| Net income | Take home pay |
| Net loss | When expenses are greater than income |
| Savings | The portion of current income not spent on consumption |
| Spending plan | income & expense statement sometimes referred to as a budget which records both planned & actual income & expenses over a period of time |
