Personal Finance

Examples of Government Support include: 1. Social Security2. SNAP3. TANF4. Unemployment5. Medicaid6. Medicare7. Earned Income Tax Credit
Government programs provide ____ assistance to those in need. Temporary
Individuals are encourage to achieve maximum _____ , _______, and _______. self- sufficiencyindependencehealth
Government programs are funded by ______. taxpayers
What is a taxpayer? Person who pays a tax to governments
What is income tax? Tax levied by a government directly on income, especially an annual tax on personal income
What is property tax? Property tax is a tax on property, such as land buildings (including homes) and motor vehicles (automobiles, boats, etc.)
What is a sales tax? Sales tax is a tax on purchased goods and services.
What are some characteristics of federal programs? created through acts of Congress; programs do not vary from state to state
What are some characteristics of state programs? money is received from federal grants & state grants
What are some characteristics of local programs? money received from local taxes; programs typically address local needs. Examples; city recreation programs and you program
Social Security: Designed for: retired individuals of a min. age, adults & children who are disable & survivorsFounded by: federal governmentPurpose: provides income for retirement & income
Disability Designed for: Adults and children who are disabledFounded by: federal gov.Purpose: may provide income as well as help to obtain a job
Retirement Designed for: retired individuals of a minimum ageFounded by: federal gov.Purpose: provides income during retirement
Survivors Designed for: families that have lost a wage earning; children who have lost a parentFounded by: federal gov.Purpose: provides income
SNAP Designed for: Low income familiesFounded by: federalPurpose: money to purchase nutritions food
TANF Designed for: low income families with childrenFounded by: federally funded but administered at state levelPurpose: Temporarily, provides money, job training and other support to help achieve self-sufficiency
Unemployment Insurance Designed for: adults who have lost their job through no fault of their ownFounded by: employers provide funding to a state for distributionPurpose: provide income while the person is seeking new employment
Medicaid: Designed for: children, pregnant women, parents of eligible children, people with disabilities, elderly needing nursing home careFounded by: federal and statePurpose: provide insurance, esp. medical care
Medicare: Designed for: some individuals under 65 with disabilities; adults over age 65Founded by: federalPurpose: provide health insurance
Earned Income Tax Credit Designed for: low and moderate income adults who have worked for payFounded by: federal programPurpose: provide money to adults who file a tax return
What is a community? A group of people working together for a common good.
What communities are you a part of? Local- city/schoolExtended- NC/ USAVirtual- Instagram/ Snapchat/ Facebook
What benefits do you receive from being a part of these communities? Roads, stores, social relationships
Social capital is a benefit of being a part of a community. What is social capital? Access a person has to social relationships that can provide resources
In-kind income is an in-direct financial benefit of social capital? What is in-kind income? The provision of a product or service in lieu of money
What is family? Related or unrelated individuals sharing various resources (especially time and money_ who also show concern about each other’s well-being
What are three forms of support you currently receive from your family? 1. Consider in-kind income2. Well-being domains3. Family provides for both your needs and wants
What are three ways your friends support you? 1. Support your decision2. Emotional support3. Social support
What is a non-profit organization? An organization that exists to benefit others through human service, conservation, religious or other charitable purposes
What are two non-profits in your local community? 1. YMCA2. Local food banks
What are two primary ways you can benefit from non-profits? 1. Enhance your social capital2. Assist you in times of need
Career A lifetime journey of building and applying skills, knowledge, and experiences in paid employment positions
Career cluster Grouping of occupations and industries based on the knowledge and skills required
Formal continuing education training for a specific set of new skills provided by experts in a particular field
Human Capital the skills, knowledge, and experiences passed by an individual
Industry Group of establishments (businesses) that produce similar products or provide similar services
Informal continuing education occurs through social interactions, net working, life’s experiences, and reading
Job An activity through which an individual can earn money
Lifestyle your habits, attitudes, tastes, moral standards and the amount of goods and services that you consume
Occupation Grouping of jobs that perform similar tasks
Standard of living The level of material comfort as measured by the goods, services, and luxuries you are able to purchase
Transferable skills Versatile skills that are applied to personal and professional roles
What is remediation? Sequences of increasingly advanced courses designed to bring academically unprepared students to the academic skill level expected in higher education
Three methods that will enhance my note taking and listening skills are: be preparedreview and edit your notespay attention to the content
Three reading techniques that will aid in your comprehension include: Read out loud and look up unfamiliar wordsoutline what you have readread the information twice
What are implications of switching majors or schools? 1. Risk losing credits for classes already taken2. May increase the time and cost to earn a degree or certificate3. May have to retake classes if you switch schools4. Risk losing same or all of your financial aid (if you switch schools)
What is a job? activity through which individual earns money
What is human capital? the skills, knowledge, & experiences possessed by an individual
What are transferable skills? versatile skills that are applied to personal & professional roles
What is a career? Lifetime journey of building/ applying knowledge skills & experiences in paid employment positions

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