18 terms

Lesson 1: Getting Personal: You and Your Money

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Terms in this set (...)

blue collar worker
an occupational classification of workers who perform physical labor jobs such as plumbing and construction.
Bureau of Labor Statistics
"BLS"; a division of the U.S. Department of Labor that collects and analyzes data on labor economics.
Federal Poverty Level (FPL)
an income level below which people and families are eligible for certain U.S. government assistance programs and benefits.
financial literacy
the ability to understand how money works, how money is earned and managed, and wealth built.
household income
the combined incomes of all people over the age of 15 sharing a particular household.
income
money received on a regular basis for providing a good or service, or earned through investments.
low income
a measure of income ranging from $16,000 to $35,000, depending on number of household members.
lower middle class
a socioeconomic term used to describe people who have some postsecondary education without advanced degrees and work in lower level, white collar professions; a subdivision of the middle class.
middle class
a socioeconomic term used to describe people who earn an annual income of $35,000 to $200,000.
money management
the process of earning, budgeting, saving, investing, spending, or otherwise managing personal finances.
median income
the dollar amount that divides income distribution in the U.S. into two equal groups; half of the population having income above the median and half below.
net worth
the total value of a person's assets minus their debts; a measurement of an individual's wealth.
socioeconomics
the study of the relationship between economics and social behavior.
social mobility
the ability to move up in socioeconomic class and increase your wealth for such things as home ownership, a car, an education, and other quality of life items.
upper middle class
a socioeconomic term used to describe individuals who are well-educated, earn between $100,000 and $200,000 and work at high-level, white-collar positions; a subdivision of the middle class.
wealth
ownership of valuable assets including cash, real estate, investments, and material possessions.
wealth building
strategies and practices which increase net worth.
wealthbuilding
strategies and practices which increase net worth.