EPF Vocabulary 4.1

What is a financial plan?

• A document outlining a person's life goals

• An intended action pertaining to money or finance

• A budget for a vacation

• A legal contract

What is inheritance?

• Money paid for services

• Money received through a will or legal succession

• Money earned from investments

• Money paid for taxes

What is a salary?

• A fixed amount of money paid regularly for work

• A bonus given for good performance

• A form of investment

• A tax deduction

What is net income?

• Total earnings before taxes

• Total earnings after taxes

• Total earnings after deductions

• Total earnings before deductions

What is a wage?

• A tax deduction

• Money paid regularly to an employee for services rendered

• A type of insurance

• An inheritance

What is disposable income?

• The income received from investments

• The income left after taxes are deducted

• The income received from a salary

• The income used for paying bills

What does bankruptcy entail?

• Being declared incapable of managing one's finances

• Being unable to pay off debts and having assets administered by a court

• Declaring financial independence

• Having unlimited access to funds

What is an executor?

• A financial advisor

• A person named to carry out the provisions of another's will

• A person who receives an inheritance

• A lawyer specializing in estate planning

What is gross income?

• Total earnings before taxes or deductions

• Total earnings after taxes

• Total earnings after deductions

• Total earnings before deductions

What is insurance?

• A form of investment

• A protection against certain accidents provided by a company for a fee

• A type of loan

• A government subsidy