Earning Money Vocab Flashcards

1
Q

Abilities

A

Natural or acquired skills or talents.

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2
Q

Alternatives

A

Actions- the choice of one excludes choosing the other

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3
Q

Apprenticeship

A

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

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4
Q

Aptitude

A

An inherent ability or talent

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5
Q

Associate’s Degree

A

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

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6
Q

Bachelor’s Degree

A

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

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7
Q

Benefits

A

Forms of pay for a job other than salary

or wages, such as vacation and holidays.

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8
Q

Career Ladder / Career Path

A

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

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9
Q

Choice

A

The act of choosing or selecting

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10
Q

College

A

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

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11
Q

Community College

A

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

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12
Q

Consequences

A

Something that results from a given action

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13
Q

Cooperative

A

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.

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14
Q

Cooperative Education

A

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

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15
Q

Corporation

A

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.

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16
Q

Cost/Benefit

A

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

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17
Q

Cover Letter

A

A letter you send with your résumé to

provide more information about you.

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18
Q

Criteria

A

A standard in which a decision may be based on

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19
Q

Decision making

A

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

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20
Q

Education

A

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

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21
Q

Entry Level

A

Indicates a job accessible to a person

who is inexperienced in a particular field.

22
Q

Franchise

A

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.

23
Q

Everyday Living

A

With you experience on a typical day

Time management helps you make the most of everyday living.

24
Q

Goals

A

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.

25
Q

Grants and Scholarships

A

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

26
Q

Gross Pay

A

The amount you earn before paying any income taxes.

27
Q

Health

A

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

28
Q

Income

A

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

29
Q

Job

A

A regular activity performed in exchange for payment.

30
Q

Moderation

A

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

31
Q

Needs

A

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

32
Q

Net Pay

A

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

33
Q

Nutrition

A

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

34
Q

Occupational Training Programs

A

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

35
Q

Opportunity Cost

A

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.

36
Q

Paradigms

A

How we see things; our assumptions; our masks

37
Q

Partnership

A

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

38
Q

Résumé

A

A brief account of one’s work experience and qualifications

39
Q

Salary

A

A fixed compensation paid regularly for services

40
Q

Scarcity

A

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

41
Q

Sedentary

A

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

42
Q

Skills

A

Proficiency acquired through training or experience.

43
Q

Sole Proprietorship

A

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

44
Q

Standard of Living

A

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

45
Q

Stress

A

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

46
Q

Student Loan

A

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

47
Q

Time As An Investment

A

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.

48
Q

Time Management

A

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

49
Q

Trade-Off

A

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

50
Q

University

A

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

51
Q

Values

A

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

52
Q

Wants

A

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