Personal Financial Management - Ch 10 Flashcards
Contact letter
Letter informing a prospective employer that you are interested for working for their company
Career
Your line of work
Deduction
An amount subtracted from something especially as an allowance against tax
DISC personality profile
A behavior profile test that yields insights into how you process decisions and what your natural tendencies may be.
Excise tax
A tax levied on the purchase of certain non essential consumer goods such as tobacco, airline tickets, etc.
FICA
Federal insurance contributions act - government legislations that funds social security and Medicare
Income tax
A progressive tax on the financial income of individuals, companies, deceased estates, and certain bankrupt estates paid to the government
Medicare
Federal government program that pays for certain health care expenses for citizens 65 or older; managed by the social security administration
Motivation
Feeling of enthusiasm, interest, or commitment that makes somebody want to do something
Pay roll deduction
Amount subtracted from a paycheck, either by government requirement (mandatory taxes, SSI, etc.) or at the employer’s request (health insurance, retirement plan, etc.)
Sales tax (2)
A tax levied on the sales of goods and services
Collected by retailer and given to state
resume
Personal and work history used for gaining employment
Stable person (4)
Amiable, loyal , doesn’t like conflict, and is concerned about PACE
Dominant person? (3)
Hard charging driver
Task oriented
First looks to problems
Influencing person (5)
People oriented
Fun
Outgoing
Generally concerned about people pleasing
First look to people
Compliant person (5)
Analytical
Loves detail
Factual
Seems rigid
Loves procedures
Vocation
What you do for a living that is your “calling”
W-4
A federal tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes
Withholding
A portion of employee’s wages or salary deducted for taxes
Most important aspect of securing a job?
The interview
Gross pay (2)
Total wages from working
Before taxes
Net pay (2)
Actual take home pay
After taxes
What percent of companies in the U.S. have… (2)
98.3%
Under 100 employees
The average job in America lasts about…?
2.1 years
What accounts for a majority of available jobs?
Connections / networking
If you don’t have a job, then…
You aren’t required to file a tax return
Primary source of revenue for local governments is…
Property taxes
Most hiring decisions are made…
During the interview
As you grow you change
You don’t outgrow your personality
You will learn and grow the most in the areas in which you are the weakest.
You grow in your strengths
The average worker could have as many as… Different jobs in his/her working lifetime.
20
Raising your income long-term is…
A career track issue
Raising your income short-term means…
Getting a part time job
How to get started with an extra job ? (4)
- be willing to sacrifice
- have a detailed plan
- choose a job or start a business
- don’t give up
