Final Exam #8

Cost of Living:
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Terms in this set (30)
Cost of Living:
price of goods and services required for maintaining an average level standard of living. Cost of living varies from place to place, and from time to time.
Deduction
the act of taking away something (such as an amount of money) from a total
FICA:
Federal Insurance Contributions Act [Social Security]
Deposit
to put (money) in a bank account [or to put a deposit on a rental such as an apartment]
Fixed:
not subject to change or fluctuation [such as a fixed income or fixed expenses]
Gross Income:
consisting of an overall total exclusive of deductions
Lease
a legal agreement that lets someone use a car, house, etc., for a period of time in return for payment
Net Income:
remaining after the deduction of all charges, outlay, or loss
Utility:
a service (such as a supply of electricity or water) that is provided to the public
Variable
able or apt to vary; subject to variation or changes [such as variable expenses]
Lifestyle:a particular way of living; the way a person lives.Expenses:The cost of goods and services required to maintain a standard of livingRésumé:a document used by persons to present their backgrounds and skills.Career Cluster:a broad group of related career majors within an occupational interest area. There are 16 clusters.Skills:The ability to do something that comes from training, experience, or practiceInterests:a feeling of wanting to learn more about something or to be involved in somethingStrengths (Personal)a strong attribute such as responsible, creative, and good listenerCareera job or profession that someone does for a long time; a period of time spent in a job or professionLifestyle:a particular way of living; the way a person lives.Money is a huge part of our lives. It candetermine what we can do, when we can do it, and where we can go. Learning how to manage our money in the right way is one way that we can take positive control of our lives.When renting your first apartment, you will have the following expenses:Security deposit-You will pay your security deposit upon renting your apartment, and it usually it will be equal to one month's rent.,First and last month's rent-Another thing that a lot of first-time renters overlook is the fact that you will often need to front your first and last month's rent when you first move into a new apartment.,Utilities-Your utilities expenses will vary depending on what kind of apartment you're renting and whether or not your utilities will be included in your monthly rent. Also, one utility that is not included in your rent will be your phone/cable/internet bill.You will sign a lease to rent an apartment/house. Read the fine print on your lease; it willdetermine what you pay, how long you will rent this apartment/house, and terms if you default on your rent payment.When you purchase a car, it is muchmore expensive that you think.Your cost of living includes:Shelter (apartment/house rent/payment, utilities, taxes, etc.),Car (payment, registration, maintenance, insurance, gasoline, down payment), Food, Entertainment,Medical expenses, And other expenses based on the needs of the individual or familyFixed expenses are the same each month. Examples of fixed expenses would beyour rent payment, your car payment, your monthly insurance payment. Variable expenses would be your food bill, maintenance for your car, entertainment monies, electricity, etc.When you work,you earn a certain amount per hour or a certain salary for a period of time. What you earn before taxes is your gross income. Taxes are then deducted from your gross income. These could be social security, federal taxes, state taxes, Medicare. After these are deducted from your gross income, you will left with what you bring home—your net income.Your income will be determined by thecareer that you choose. Choosing the right career is important as you will be in that career many years. Think about what you like doing, your strengths and weaknesses, your skills, and review what people actually do in certain careers. Researching careers is an important step in career planning.There are 16 career clusters (a career cluster is a broad group of related career majors within an occupational interest area). Examples includeHealth Science, Information Technology, Human Services, and Science, Technology, Engineering,and Math.Your career will determine your lifestylea particular way of living).To get the career that you want, and the lifestyle that you dream about, you will have toget the best job for yourself. To get the job, you will want to complete an excellent resume. A resume is a document that sums up your skills, experiences, and accomplishments presented to a potential employer.