20 terms

Unit 1 Income - Junior Achievement

STUDY
PLAY

Terms in this set (...)

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 wages or salaries 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
A business cost that increases or decreases, such as labor.
sales tax
source of revenue for most state governments; each state, county or city decides this type of tax
property tax
a tax levied on real or personal property (homes, cars, commercial buildings, and factories)
STEM
_______ occupations have strong math and science abilities that demand high wages in the job market.