Glossary

Glossary definitions provided in part by the Jump$tart Coalition for Personal Financial Literacy.

W-2: An IRS form which is given to an employee by January 31 of each year showing the amount of income and money withheld for taxes for the previous calendar year.

Wage : Compensation for work, usually calculated on an hourly, daily, or piecework basis and paid on schedule-usually weekly, biweekly, or monthly. (See Salary.)

Waiver of Premium Provision: An insurance policy option allowing a policyholder who becomes disabled or seriously ill to not pay the premiums.

Warranty: A written guarantee from the manufacturer or distributor that specifies the conditions under which the product can be returned, replaced, or repaired.

Wealth : Accumulated assets; positive net worth.

Welfare: Aid in the form of money or necessities for those in need; often from a government program.

Will: A legal declaration of a person's wishes for the disposition of his or her estate after death.

Work-Study: If your school participates in work-study, you may be awarded financial assistance in the form of part-time employment on campus or at designated off campus sites. Work-study funds are earned by you to use toward the cost of your education and do not need to be repaid.

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