Consumer Education Flashcards

Key Financial Concepts

• Standard of Living: Measured by the quality and quantity of goods and services one can afford.
• Flextime: Flexible work hours system allowing employees to choose their work schedule.
• Telecommute: Working from home utilizing communication technologies to connect with the workplace.
• Aptitudes: Natural talents or abilities an individual possesses.

Employment and Education Terms

• Entrepreneur: A person who starts and runs a business, taking on financial risks.
• Internship: Temporary position (paid/unpaid) for students to gain experience in a particular field.
• Apprenticeship: Program combining classroom and on-the-job training under skilled supervision.
• Distance Education Programs: Use of digital methods and materials for off-campus learning.

Professional Development

• Accredited: Recognition of institutions that meet education or professional standards.
• Resume: Document summarizing qualifications and experiences of a job seeker.
• References: Individuals who can vouch for an applicant's character or abilities to employers.
• Interview: Formal evaluation meeting between employers and prospective employees.
• Mentor: Experienced guide aiding new employees in their role.

Work and Financial Compensation

• Work Ethic: Commitment to performing a job effectively and responsibly.
• Severance Package: Compensation offered to workers who are laid off.
• Unemployment Insurance: Provides financial support to workers who have lost their jobs.

Payroll Terms

• Salary: Fixed payment rate for employees typically expressed annually or monthly.
• Wages: Compensations based on hours worked or items produced.
• Minimum Wage: Legal lowest hourly rate an employer can pay.
• Overtime: Pay for hours worked beyond a standard work week (typically 40 hours).
• Gross Pay: Total earnings before deductions.
• Net Pay: Amount received after deductions like taxes.

Taxes and Deductions

• Tax Deduction: Expense that reduces taxable income.
• Itemized Deductions: Detailed listing of eligible deductible expenses.
• Standard Deduction: Fixed deduction amount allowed without itemizing.
• Tax Credit: Direct reduction of tax owed, unlike deductions which reduce taxable income.

Budgeting and Finance

• Budget: A financial plan detailing expected income and expenses.
• Balance Sheet: Document outlining assets and liabilities.
• Assets: Valuable items owned, including cash.
• Liabilities: Financial obligations owed to others.
• Net Worth: Difference between total assets and total liabilities.

Banking and Transactions

• Online Banking: Managing financial services via the internet.
• ATM: Automated teller machine for accessing bank accounts.
• Debit Card: Card allowing direct withdrawal of funds for purchases.
• Wire Transfer: Electronic funds transfer between banks.

Credit and Loans

• Credit: Money, goods, or services provided with an agreement for future payment.
• Creditor: Entity extending credit or loans.
• Secured Credit: Loans backed by collateral.
• APR (Annual Percentage Rate): Interest charged on borrowed funds expressed annually.
• Credit Score: Numerical representation of creditworthiness based on credit history.

Loan Types and Terms

• Closed-End Credit: One-time extension of credit for a specific amount.
• Open-End Credit: Revolving credit available up to a limit, can be used multiple times.
• Installment: Regularly scheduled payments towards a loan.
• Finance Charge: Total cost of credit including interest and fees.

Consumer Protection and Rights

• Right of Rescission: Borrower's right to cancel a loan within three business days.
• Loan Sharks: Illegal lenders charging excessive interest.
• Pro Bono: Legal services provided for free to those in financial hardship.

This content outlines essential terms and concepts in consumer education, covering employment, finance, budgeting, and consumer rights.