Personal Financial Management - Ch 10 Flashcards

0
Q

Contact letter

A

Letter informing a prospective employer that you are interested for working for their company

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1
Q

Career

A

Your line of work

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2
Q

Deduction

A

An amount subtracted from something especially as an allowance against tax

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3
Q

DISC personality profile

A

A behavior profile test that yields insights into how you process decisions and what your natural tendencies may be.

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4
Q

Excise tax

A

A tax levied on the purchase of certain non essential consumer goods such as tobacco, airline tickets, etc.

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5
Q

FICA

A

Federal insurance contributions act - government legislations that funds social security and Medicare

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6
Q

Income tax

A

A progressive tax on the financial income of individuals, companies, deceased estates, and certain bankrupt estates paid to the government

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7
Q

Medicare

A

Federal government program that pays for certain health care expenses for citizens 65 or older; managed by the social security administration

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8
Q

Motivation

A

Feeling of enthusiasm, interest, or commitment that makes somebody want to do something

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9
Q

Pay roll deduction

A

Amount subtracted from a paycheck, either by government requirement (mandatory taxes, SSI, etc.) or at the employer’s request (health insurance, retirement plan, etc.)

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10
Q

Sales tax (2)

A

A tax levied on the sales of goods and services

Collected by retailer and given to state

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11
Q

resume

A

Personal and work history used for gaining employment

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12
Q

Stable person (4)

A

Amiable, loyal , doesn’t like conflict, and is concerned about PACE

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13
Q

Dominant person? (3)

A

Hard charging driver

Task oriented

First looks to problems

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14
Q

Influencing person (5)

A

People oriented

Fun

Outgoing

Generally concerned about people pleasing

First look to people

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15
Q

Compliant person (5)

A

Analytical

Loves detail

Factual

Seems rigid

Loves procedures

16
Q

Vocation

A

What you do for a living that is your “calling”

17
Q

W-4

A

A federal tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes

18
Q

Withholding

A

A portion of employee’s wages or salary deducted for taxes

19
Q

Most important aspect of securing a job?

A

The interview

20
Q

Gross pay (2)

A

Total wages from working

Before taxes

21
Q

Net pay (2)

A

Actual take home pay

After taxes

22
Q

What percent of companies in the U.S. have… (2)

A

98.3%

Under 100 employees

23
Q

The average job in America lasts about…?

A

2.1 years

24
Q

What accounts for a majority of available jobs?

A

Connections / networking

25
Q

If you don’t have a job, then…

A

You aren’t required to file a tax return

26
Q

Primary source of revenue for local governments is…

A

Property taxes

27
Q

Most hiring decisions are made…

A

During the interview

28
Q

As you grow you change

A

You don’t outgrow your personality

29
Q

You will learn and grow the most in the areas in which you are the weakest.

A

You grow in your strengths

30
Q

The average worker could have as many as… Different jobs in his/her working lifetime.

A

20

31
Q

Raising your income long-term is…

A

A career track issue

32
Q

Raising your income short-term means…

A

Getting a part time job

33
Q

How to get started with an extra job ? (4)

A
  • be willing to sacrifice
  • have a detailed plan
  • choose a job or start a business
  • don’t give up