Key Terms

Pile of U.S. $100 bills

Before beginning the lesson, post the Key Terms where the class can see them:

Ask students to read each term and provide either an example of how they’ve seen that term used or, if they haven’t seen it in use, an example of how they think it could be used in a sentence. At the conclusion of the lesson, reflection questions will allow students a second opportunity to use the Key Terms.

Annuity: a fixed sum paid to a person each year, typically for the rest of their lives.

Bankruptcy: the state of being unable to pay outstanding debts.

Contract/Terms of a contract: a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.

Cost of Living: the cost of maintaining a certain standard of living.

Dependent(s): a person who relies on another, especially a family member, for financial support.

Endorsement: the act of giving one’s name and support to a product or organization, typically in exchange for a fee.

Financial Literacy: the education and understanding of knowing how money is made, spent and saved, as well as the skills and ability to make informed decisions about saving, investing and spending money.

Invest: to expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares or property, or by using it to develop a commercial venture.

Net income: income after expenses, including taxes.

Net worth: the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities.

Retirement: the act of leaving one’s job and ceasing to work.

Signing Bonus: A sum of money paid to a new employee by a company as an incentive to join that company. They are often given as a way of making a compensation package more attractive to the employee 

Sports Agent: a legal representative for professional sports figures such as athletes and coaches paid to procure and negotiate employment and endorsement contracts for the athlete or coach they represent.

Sports Draft: a process used to allocate new players to teams. In a draft, teams take turns selecting from a pool of eligible players.

Talent Scout: a person whose job is to search for talented individuals who can be groomed for success, especially in sports and entertainment.

Tax: a compulsory contribution to state or federal revenue levied by the government.