Income
Name two synonyms for the word "job."
What is a profession and occupation?
Each month, 3% of Ms. Chimelis's paycheck never makes it to her bank account. Instead, the IRS collects it to help build roads, libraries, and more. In other words, she is paying THIS TYPE of tax.
What is income tax?
What kind of account can you open at your bank in order to save your money?
What is a savings account?
When you buy something that you think will help you long-term, what are you doing?
What is investing?
Ms. Chimelis needs to read this contract for Allstate, Progressive, and Geico before choosing which insurance she wants.
What is an insurance policy?
My contract says I will earn a salary of $72,000 a year. What is my gross monthly income?
What is $6,000?
When Ms. Chimelis owns a home ~in the future~ she will have to pay THIS TAX every time she pays her mortgage. This is often used to pay for public schools, libraries, and more.
What is property tax?
When opening a savings account, you should read your contract or policy to make sure you are not paying the bank too much of THIS.
Annual or monthly fees OR principal deposit
When you invest in THIS, you own a small part (a share) of a company. This share can help you earn money on a good day, but could also cause you to lose money on a bad day.
What is a stock?
Ms. Chimelis chose her insurance policy. She needs to pay $2,000 once every year in order to have insurance on her car.
What is a premium?
Since I am a teacher, my contract says I will earn $45,000 a year. I only work 10 months each year (September-June). What is my gross annual income?
What is $45,000?
When Ms. Chimelis goes to the Apple Store to buy AirPods, CVS for a toothbrush, and Subaru for new tires in Virginia, she has to pay THIS TAX each time.
What is sales tax?
THIS makes it possible for the money sitting unused in your savings account to help you save additional money.
What is interest?
THIS is what you call the part of a company that you own when you purchase a stock.
What is a share?
Ms. Chimelis goes to the doctor's office. Her appointment costs $600, but she only needs to pay $30 when she arrives.
What is a co-pay? (or deductible)
After my taxes are deducted from my paycheck each month, I will receive THIS TYPE OF INCOME in my bank account.
What is net monthly income?
When I go to Giant and buy salmon, broccoli, and rice for my favorite meal, I do not have to pay sales tax because these items are THIS.
What is exempt? (or tax exempt, or non-taxable)
THIS type of account is interest-earning and insured by the FDIC. It usually pays you a higher interest rate in exchange for you having to place a larger principal deposit.
What is a money market account?
THIS is what you call investment opportunities that could result in you losing your money.
What is high risk?
Some random dude hit Ms. Chimelis's car in the parking lot. This resulted in $1,000 in damages to the car. Since he has a good car insurance policy, he will only need to pay $200 to help Ms. Chimelis fix her car.
What is a deductible? (or co-pay)
After my taxes are deducted from my paycheck each year, I have THIS TYPE OF INCOME left in my bank account.
What is net annual income?
What are Delaware, Alaska, Oregon, New Hampshire, and Montana?
THIS is the equation that helps show what compound interest is.
(principal amount + $$$ earned in savings account the year before) x % interest
When you invest in THIS, you do not own a share of a company. However, you are supposed to be paid back what you invested PLUS interest accrued at the end of your period of investment.
What is a bond?
Ms. Chimelis is thinking about moving to a house in California. Earthquakes are pretty common in California. She plans on owning a car in order to drive to work and, since this is ~the future~ she has two children. She needs to get THESE TYPES of insurance so she's covered while living in California.