Personal Finance REVIEW (2023/2024) Graded A+

Personal Finance REVIEW (2023/2024) Graded A+ Decision the act of making a choice or coming to a solution Decision-making process the steps one takes to make the best decision Goals something a person wants to have or to achieve, and is willing to work for Long-term goals a goal that requires a considerable time to achieve Management using resources effectively to achieve goals and solve problems Needs something that you have to have in order to live Resources something used to meet a goal, all things used in producing goods and services Short-term goals a goal that requires a short period of time to achieve Trade-off an exchange of one thing in return for another Values ideas about right and wrong and what is important in your life Wants things that you would like to have but are not necessary for survival Career an occupation to which you have made a long term commitment Comp time(compensatory time) when an employee works beyond their regular work hours and is allowed to take time off another day Entrepreneur a person who owns and runs his or her own business Fringe benefits forms of reward for employment beyond salary, including health insurance, vacation and holiday time, and retirement plans Interview a formal meeting that is used by an employer to assess the qualification of an applicant Deductions amount of money taken from an employee's gross pay for taxes, insurance, Social Security, and other benefits Direct deposit an arrangement in which a person's pay is electronically transferred directly into the recipient's bank account Federal Insurance Contribution Act (FICA) Social Security and Medicare taxes Garnishment legal action which requires a portion of a person's income to be witheld from their paycheck to repay a debt Gross pay the total amount of money a person earns Internal Revenue Service (IRS) governmental agency responsible for collecting federal income taxes Net pay the amount of income left after taxes and other