Proficiency Study Guide 1

What something would be worth if you sold it today

• budget

• market value

• liquid assets

• current liabilities

The formal measure of inflation that tells whether things overall are more expensive now than in the past

• business cycle

• consumer price index (CPI)

• depression

• economics

Federal and state taxes withheld from a person's paycheck and sent to the government by his employer

• Medicare

• itemized deductions

• payroll taxes

• Social Security

The amount of money a policyholder pays prior to the insurance company's payment

• deductible

• group plans

• premium

• term insurance

A projection about what will happen in the future

• forecast

• fixed expense

• cash inflow

• cash outflow

Specifying financial goals, and describing in detail the spending, financing, and investing plans needed to reach those goals.

• Personal financial plan

• net worth

• assets

• equity

Skills and knowledge of the employee that will benefit the business

• human capital

• benefits

• certification

• apprenticeship

The total dollar amount of all final goods and services purchased within the nation's borders in each year

• gross domestic product (GDP)

• economy

• depression

• recession

Includes federal income taxes and, in those states that have them, state income taxes

• Medicare

• net pay

• personal income tax

• payroll taxes

A financial product that provides payment for medical services when people suffer a financial loss because of illness or injury

• health insurance

• life insurance

• term insurance

• whole life insurance