Financial Planning Basics

A budget is a plan to help an individual understand how and where to use ______.

Financial goals involve both trade-offs and ______ costs.

Families at all income levels spend about the same proportion of their income on ______ and luxuries.

The labor force is made up of all those people who currently have ______.

A financial plan shows how to achieve financial ______.

The percentage of workers in the labor force who are in ______ industries is increasing.

Understanding the importance of ______ and investing is vital for effective financial planning.

A budget should be ______ to adapt to changing financial circumstances.

Setting personal goals involves identifying what you would like to do in the ______ and short term.

Short-term goals are those that you would like to achieve in a ______ or less.

Goals that will take you more than a year to achieve are ______ term goals.

A ______ is a financial plan that summarizes income and expenditures over a period of time.

Creating a budget gives you an idea of where you stand ______.

A budget shows your total ______.

After creating a budget, you will know how much you can save or how much you will be going into ______ each month.

Investing wisely and buying necessary ______ are important components of managing financial goals.

To prepare a budget, one should write down every purchase and everything they ______ in a month.

Investing in financial vehicles such as savings bonds, mutual funds, and other ______ can make your money work for you.

Employers expect both a good education and some extra preparation in the form of job knowledge and ______.

Risk management involves identifying what risks you and your family are ______ to.

Insurance enables people to share the cost of specific ______.

You enter the job market when you take action to find a ______.

In 1960, the total population in the U.S. was 180 million people, with 75 million in the labor ______.

By 2022, the U.S. population increased to 318 million people, and the labor force had grown to 155 million, reflecting a ______ in the labor market.

The economy expanded, resulting in more available jobs for more _____

Many individuals between the ages of 16 and 24 are choosing to stay in _____

The labor force includes individuals 16 years old and older, but not all 16-year-olds immediately enter the _____

In 1960, fewer than 40 percent of women 16 years and older were a part of the _____

Women make up only about 10% of the workforce in certain occupations like the _____ industry.

An immigrant is someone who goes from one country to another, contributing to the _____ force.

Migrant workers typically engage in _____ jobs that are seasonal in nature.

An occupation refers to what one does to earn a _____

There are generally four types of occupations: white-collar workers, blue-collar workers, service occupations, and ______ occupations.

The term 'white-collar' originated when men wore white shirts and women wore white ______.

Blue-collar workers are employed in industries such as textile mills, steel plants, and ______.

With the aging population, there is a greater need for ______ workers, including doctors and nurses.

The percentage of workers in blue-collar manufacturing jobs has ______ in recent decades.

Technological innovations are expected to cause more shifts in job opportunities in the ______.

Service occupations include government workers, hospital employees, and ______.

There is a greater demand for white-collar workers to market, sell, and finance ______ products.