Income Unit Junior Achievement

Key Concepts:

Terms in this set (19)

Abilities
The things you do well.
Aptitudes
Your natural talents.
Income
Money received on a regular basis for work or through investments.
Interests
The things you like and enjoy doing.
Values
The ideals that are important to you and your career choice.
Career Cluster
A grouping of jobs and industries related by skills or projects.
Income Tax
A portion of one's personal income paid to a government.
Medicare
A social insurance program that extends health coverage to almost all Americans age 65 and over.
Social Security
A social insurance system that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died.
Taxes
Required payments to a government.
Gross annual income
The total amount of earnings made over a one-year period, before any deductions have been taken.
Net annual income
Total amount of earnings made over a one-year period after all deductions have been taken.
Gross monthly income
The total amount of earnings made over a one-month period, before any deductions have been taken.
Net monthly income
Total amount of earnings made over a one-month period after all deductions have been taken. Also known as "take home pay".
Fixed cost
A business cost that remains the same, such as rent.
Market research
Gathering consumer preferences for products and services.
Variable cost
A business cost that increases or decreases, such as labor.
Sales tax
a tax on sales or on the receipts from sales.
Property tax
a tax levied on real or personal property.
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