Earning Money Vocab Flashcards
Abilities
Natural or acquired skills or talents.
Alternatives
Actions- the choice of one excludes choosing the other
Apprenticeship
A leaning period of up to five years having on the job training (with pay) and additional coursework at night
Aptitude
An inherent ability or talent
Associate’s Degree
A degree which generally takes two years of study, and is awarded by a community, junior, or business college
Bachelor’s Degree
An academic degree, which usually takes four years to earn, and is awarded by a college or university
Benefits
Forms of pay for a job other than salary
or wages, such as vacation and holidays.
Career Ladder / Career Path
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
Choice
The act of choosing or selecting
College
A four year institution of learning where students earn an undergraduate degree (BA or BS degree)
Community College
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
Consequences
Something that results from a given action
Cooperative
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.
Cooperative Education
When a degree program is combined with internship in a company as part of practical education in the field.
Corporation
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.
Cost/Benefit
An analysis of the expected “costs” of different alternatives compared to expected benefits to help you determine the best alternative.
Cover Letter
A letter you send with your résumé to
provide more information about you.
Criteria
A standard in which a decision may be based on
Decision making
The mental process resulting in the selection of a course of action among several alternatives
Education
The process of acquiring knowledge and developing skills, often through formal education resulting in a specialized degree
Entry Level
Indicates a job accessible to a person
who is inexperienced in a particular field.
Franchise
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.
Everyday Living
With you experience on a typical day
Time management helps you make the most of everyday living.
Goals
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.
Grants and Scholarships
Money to pay for college that does not need to be paid back
Gross Pay
The amount you earn before paying any income taxes.
Health
The condition of your body and mind. A person can be in good health or in bad heath, both physically and emotionally
Income
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
Job
A regular activity performed in exchange for payment.
Moderation
Not too much or too little of something; not going to an extreme in your pursuit of a goal
Needs
The things people cannot live without, such as food, clothing, and shelter.
Net Pay
The amount you receive after all income taxes (and any other deductions) are subtracted.
Nutrition
Found in food and use by our bodies for growth and maintaining good health
Occupational Training Programs
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
Opportunity Cost
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.
Paradigms
How we see things; our assumptions; our masks
Partnership
Like a sole proprietorship except that two or more people share ownership of a single business.
Résumé
A brief account of one’s work experience and qualifications
Salary
A fixed compensation paid regularly for services
Scarcity
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
Sedentary
Lifestyle that involves a lot of sitting around and not enough physical activity
Skills
Proficiency acquired through training or experience.
Sole Proprietorship
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
Standard of Living
A level of material comfort as measured by goods, services, and luxuries.
Stress
Is a mental or physical tension caused by worry over problems in life
Student Loan
Money borrowed to pay for education and HAS to be paid back
Time As An Investment
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.
Time Management
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
Trade-Off
Choosing one thing for something else; giving up something to get something
University
An organization of advanced education, which makes the appropriate amenities available for instruction. Necessary certification to award graduate or undergraduate degrees
Values
What individuals or cultures think of as important in life, as having meaning or being desirable.
Wants
Anything you buy that does not directly affect your life or health
