Chapters 10-12 Flashcards
Free spirit or nerd?: number-oriented
Nerd
Free spirit or nerd?: creative
Free spirit
Free spirit or nerd?: spontaneous
Free spirit
Free spirit or nerd?: rule follower
Nerd
Free spirit or nerd?: less organized and not concerned about rules
Free spirit
Free spirit or nerd?: organized
Nerd
Free spirit or nerd?: late for meetings, dates, appointments- most everything
Free spirit
Free spirit or nerd?: on time for everything
Nerd
Free spirit or nerd?: easygoing
Free spirit
Free spirit or nerd?: slow and steady when making decisions
Nerd
Men or women?: emergency funds are boring and not sophisticated enough
Men
Men or women?: emergency funds are the most important key to our financial plan
Women
Men or women?: get good deals by negotiating
Men
Men or women?: get good deals by hunting
Women
Men or women?: lose self esteem when money problems pop up
Men
Men or women?: experience fear or even terror when money problems arise
Women
What is the number one cause of divorce in America?
Money fights
Accountability
The quality or state of being responsible, liable or answerable
Value system
A person’s priorities, beliefs, and standards that affect how he or she views the world.
When married people do not share goals and values in how they manage money, which of the following can happen?
Conflict, stress, and divorce
If you find a job you love:
1) You will make enough money to live
2) you’ll never work a day in your life
Vocation
Career
Vocare (Latin): means “calling”
Your job is your calling from God
What does the D in DISC stand for?
Decisive
What does the I in DISC stand for?
Interactive
What does the C in DISC stand for?
Cautious
What does the S in DISC stand for?
Stabilizing
What is DISC used for?
Employers use it for employment and job placement
What are the five goal guidelines?
1) be measurable
2) be specific
3) have time limits
4) be your goals
5) be written down
What are the 3 job searching circles
- Geography
- Industry
- Permanence
What is the purpose of Federal income tax?
It is used to support government programs
FICA tax
It pays for benefits that workers and families receive for either
1. Social Security
or
2. Medicare
What is the primary tax on wealth?
Property tax
Property Tax
The main source of revenue for local governments
Sales tax
Tax on goods and services
Earned income
Any income that is generated by working
Portfolio income
Income generated by selling an investment at a higher price than you paid for it
What does earned and portfolio incomes have in common?
They are both taxable
Personal Branding
The process by which we “market” ourselves to others
Income tax
Taxes paid by anyone who earns an income
Cover letter
A letter that is always accompanied by a resume that is used to inform an employer of your interest and capabilities that relate to the job
Resume
A brief account of one’s professional or work experience and qualifications
Social security
A federal insurance program funded by taxpayer dollars that provides benefits to people who are retired, unemployed, or disabled
Property taxes
Taxes paid by anyone who owns property
IRS stands for
Internal Revenue Service
What is the difference between gross pay and net pay?
Net pay describes your pay after deductions, gross pay is before
Nonprofits
Organizations that use money raised rather than distributing them as profit
Philanthropy
Means “love of humanity”, identifying and exercising one’s values in giving and volunteering
Legacy
Anything handed down from the past, something that someone has achieved that continues to exist after they are gone
Core values
Traits or qualities that represent an individual’s highest priorities
What does tax deductible mean?
You don’t have to report that as income and you don’t pay tax on it
What are examples of things that are tax deductible?
- Contributions at church
2. Tax deductible IRA’s
