Money in Review (Chapter 11) Flashcards

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Questions and Answers

What is Personal Branding?

The process by which we market ourselves to others; involves highlighting personal strengths, interests and unique qualities and identifying goals.

What is Income Tax?

Taxes paid out by anyone who earns an income.

What is a Cover Letter?

A letter that is always accompanied by a résumé; used to inform a prospective employer of your interest and capabilities as they relate to a specific employment opportunity.

What is a Résumé?

A brief account of one's professional or work experience and qualifications. Signup and view all the answers

What is Portfolio Income?

Income generated by selling an investment at a higher price than you paid for it. Signup and view all the answers

What is Social Security?

A federal insurance program funded by taxpayer dollars that provides benefits to people who are retired, unemployed, or disabled. Signup and view all the answers

What is Earned Income?

Any income (wages/salary) that is generated by working. Signup and view all the answers

What are Property Taxes?

Taxes paid by anyone who owns property such as land, a home, or commercial real estate. Signup and view all the answers

What are the 3 types of taxes?

Federal, state, FICA (on wealth and property; on consumption, sales excise). Signup and view all the answers

What are the three types of income?

Earned, portfolio, and passive. Signup and view all the answers

Once you've defined your dream, your goals should be the practical application of how you're going to accomplish your dream.

True Signup and view all the answers

Taxes are an optional contribution to local, state, and federal governments.

False Signup and view all the answers

What is the purpose of the Internal Revenue Service (IRS)?

Tax collection and law enforcement. Signup and view all the answers

What is the difference between gross pay and net pay?

Net pay describes your pay after deductions; gross pay is before deductions. Signup and view all the answers

Sales tax and excise tax are both taxes on what?

Consumption. Signup and view all the answers

Would you do something you did not like in order to make a higher income? Why or why not?

Yes, I would because more money is more money, and I could try to find another job I'd be interested in while working. Signup and view all the answers

Why is it important to understand different personality styles?

It's important to understand different styles because then you will know why people do the things they do, and know how to approach them. Signup and view all the answers

What are some important things to do when interviewing for a job?

Dress nicely, shake hands firmly, maintain eye contact, arrive early, don't talk too much, have a copy of your résumé. Signup and view all the answers

What is the difference between gross and net income?

Gross income is your pay before deductions; net income is your pay after deductions. Signup and view all the answers

What was your biggest takeaway from Jon's lesson on achieving success and reaching your goals?

Staying determined and on task. Signup and view all the answers

Study Notes

Personal Branding

Involves marketing oneself by showcasing strengths, interests, and unique qualities.
Aims to establish clear personal goals.

Income Tax

Required payments by individuals earning income, contributing to federal and state revenues.

Cover Letter

Accompanies a résumé during job applications.
Serves to express interest in an opportunity and outline relevant skills.

Résumé

A concise summary of professional experience and qualifications.
Essential for job applications.

Portfolio Income

Earnings from investments when sold at a profit.
Represents a form of passive revenue generation.

A federally funded insurance program for retirees, unemployed individuals, and those with disabilities.
Supported by taxpayer contributions.

Earned Income

Income derived from labor, including wages and salaries.
Represents direct compensation for work performed.

Property Taxes

Taxes imposed on real estate ownership, including land and homes.
Varies by locality and property value.

Types of Taxes

Includes federal, state, and FICA taxes.
Can be based on wealth, property, or consumption (sales/excise taxes).

Types of Income

Classifies income into three categories: earned, portfolio, and passive.
Important for understanding financial health and tax implications.

Goal Setting

Clearly defined dreams should translate into actionable goals for achievement.
Goals are practical applications of aspirations.

Tax Contribution

Paying taxes is mandatory for citizens, not optional.
Funds government services at local, state, and federal levels.

Internal Revenue Service (IRS)

Responsible for tax collection and enforcement of tax laws in the United States.

Gross Pay vs. Net Pay

Gross pay refers to total earnings before deductions.
Net pay is the actual take-home amount after all deductions.

Consumption Taxes

Sales tax and excise tax are levied on purchases by consumers.
Designed to generate revenue based on consumer spending.

Job Considerations

Higher income might require temporary engagement in less desirable jobs.
Financial security can allow for future career transitions.

Understanding Personality Styles

Knowledge of diverse personality types enhances interpersonal communications.
Helps in tailoring approaches to effectively engage with others.

Job Interview Tips

Present a professional appearance, make good first impressions through firm handshakes and eye contact.
Arrive punctually and be prepared with a copy of your résumé.

Takeaway from Lessons

Emphasis on determination and focus as keys to achieving personal and professional success.

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Description

Test your understanding of key concepts from Chapter 11 on Money. This flashcard quiz covers essential terms including personal branding, income tax, and cover letters. Perfect for students looking to reinforce their knowledge for exams.