Earning Money Vocab

Question 1

Abilities

Answer 1

Natural or acquired skills or talents.

Question 2

Alternatives

Answer 2

Actions- the choice of one excludes choosing the other

Question 3

Apprenticeship

Answer 3

A leaning period of up to five years having on the job training (with pay) and additional coursework at night

Question 4

Aptitude

Answer 4

An inherent ability or talent

Question 5

Associate’s Degree

Answer 5

A degree which generally takes two years of study, and is awarded by a community, junior, or business college

Question 6

Bachelor’s Degree

Answer 6

An academic degree, which usually takes four years to earn, and is awarded by a college or university

Question 7

Benefits

Answer 7

Forms of pay for a job other than salary

or wages, such as vacation and holidays.

Question 8

Career Ladder / Career Path

Answer 8

Upward movement from an entry level job to the job that is a final goal.
A planned progression of jobs within one or more professions throughout one’s working life

Question 9

Choice

Answer 9

The act of choosing or selecting

Question 10

College

Answer 10

A four year institution of learning where students earn an undergraduate degree (BA or BS degree)

Question 11

Community College

Answer 11

A two year college that emphasizes career training, or a less expensive way to complete the first two years of college before transferring to a four year college

Question 12

Consequences

Answer 12

Something that results from a given action

Question 13

Cooperative

Answer 13

A cooperative (also co-operative; often referred to as a co-op) is a business organization owned and operated by a group of individuals for their mutual benefit.

Question 14

Cooperative Education

Answer 14

When a degree program is combined with internship in a company as part of practical education in the field.

Question 15

Corporation

Answer 15

Chartered by the state in which it is headquartered, considered by law to be a unique entity, separate and apart from those who own it. The owners of a corporation are its shareholders. The corporation has a life of its own and does not dissolve when ownership changes.

Question 16

Cost/Benefit

Answer 16

An analysis of the expected “costs” of different alternatives compared to expected benefits to help you determine the best alternative.

Question 17

Cover Letter

Answer 17

A letter you send with your résumé to

provide more information about you.

Question 18

Criteria

Answer 18

A standard in which a decision may be based on

Question 19

Decision making

Answer 19

The mental process resulting in the selection of a course of action among several alternatives

Question 20

Education

Answer 20

The process of acquiring knowledge and developing skills, often through formal education resulting in a specialized degree

Question 21

Entry Level

Answer 21

Indicates a job accessible to a person

who is inexperienced in a particular field.

Question 22

Franchise

Answer 22

A form of business organization in which a firm which already has a successful product or service (the franchisor) enters into a continuing contractual relationship with other businesses (franchisees) operating under the franchisor’s trade name and usually with the franchisor’s guidance, in exchange for a fee.
A form of business organization in which a firm which already has a successful product or service (the franchisor) enters into a continuing contractual relationship with other businesses (franchisees) operating under the franchisor’s trade name and usually with the franchisor’s guidance, in exchange for a fee.

Question 23

Everyday Living

Answer 23

With you experience on a typical day

Time management helps you make the most of everyday living.

Question 24

Goals

Answer 24

Things you hope to achieve in your life
and work toward. Examples of goals would be to get a good job, complete your college degree, marry, own your own home, and run in a marathon.

Question 25

Grants and Scholarships

Answer 25

Money to pay for college that does not need to be paid back

Question 26

Gross Pay

Answer 26

The amount you earn before paying any income taxes.

Question 27

Health

Answer 27

The condition of your body and mind. A person can be in good health or in bad heath, both physically and emotionally

Question 28

Income

Answer 28

Earned: Income received from working Unearned: Income from sources other than working such as interest and dividends; pensions Variable: changes from pay to pay because you work on commission or your hours change from week to week

Question 29

Job

Answer 29

A regular activity performed in exchange for payment.

Question 30

Moderation

Answer 30

Not too much or too little of something; not going to an extreme in your pursuit of a goal

Question 31

Needs

Answer 31

The things people cannot live without, such as food, clothing, and shelter.

Question 32

Net Pay

Answer 32

The amount you receive after all income taxes (and any other deductions) are subtracted.

Question 33

Nutrition

Answer 33

Found in food and use by our bodies for growth and maintaining good health

Question 34

Occupational Training Programs

Answer 34

Ranging from a half day weekly during high school to two year- fulltime programs; spent learning a trade such as firefighting, medical technology, or IT network management

Question 35

Opportunity Cost

Answer 35

What is lost by choosing one option instead of another. For example, the opportunity cost of choosing to take an afternoon nap might be a lost trip to the gym.

Question 36

Paradigms

Answer 36

How we see things; our assumptions; our masks

Question 37

Partnership

Answer 37

Like a sole proprietorship except that two or more people share ownership of a single business.

Question 38

Résumé

Answer 38

A brief account of one’s work experience and qualifications

Question 39

Salary

Answer 39

A fixed compensation paid regularly for services

Question 40

Scarcity

Answer 40

Occurs when we want more of something than is available (such as limited time and income) requires choice what we can satisfy vs what we cannot

Question 41

Sedentary

Answer 41

Lifestyle that involves a lot of sitting around and not enough physical activity

Question 42

Skills

Answer 42

Proficiency acquired through training or experience.

Question 43

Sole Proprietorship

Answer 43

Owned by one person, usually the individual who has day-to-day responsibilities for running the business. Owner “owns” all the assets of the business and the profits generated by it; assumes complete responsibility for any of its liabilities or debts

Question 44

Standard of Living

Answer 44

A level of material comfort as measured by goods, services, and luxuries.

Question 45

Stress

Answer 45

Is a mental or physical tension caused by worry over problems in life

Question 46

Student Loan

Answer 46

Money borrowed to pay for education and HAS to be paid back

Question 47

Time As An Investment

Answer 47

The idea that spending time on a positive activity such as exercise or pursuit of a hobby or volunteering will pay off in the long run with better physical and mental health.

Question 48

Time Management

Answer 48

Organizing and using your time in a way that allows you to meet your daily needs as well as your short-and long-term goals with as little stress as possible

Question 49

Trade-Off

Answer 49

Choosing one thing for something else; giving up something to get something

Question 50

University

Answer 50

An organization of advanced education, which makes the appropriate amenities available for instruction. Necessary certification to award graduate or undergraduate degrees

Question 51

Values

Answer 51

What individuals or cultures think of as important in life, as having meaning or being desirable.

Question 52

Wants

Answer 52

Anything you buy that does not directly affect your life or health