Paychecks & Taxes
What is the amount of money you earn before deductions are taken out?
What is gross pay?
This is a plan for how you will use your money.
What is a budget?
This allows you to borrow money or obtain something now and repay it later.
What is credit?
This workplace retirement plan allows employees to contribute money from their paychecks.
Whats is 401K?
This is the next-best alternative you give up when making a choice.
What is opportunity cost?
What is the amount of money you actually take home after deductions?
What is net pay?
This budgeting strategy means setting aside money for savings before spending the rest.
What is paying yourself first?
A credit card purchase uses this type of money.
What is borrowed money?
This type of retirement account is generally opened by an individual rather than directly provided by an employer.
What is IRA?
This is something that motivates or influences someone's behavior.
What is an incentive?
Social Security and Medicare make up this payroll tax funded program.
FICA
This is money set aside to handle unexpected expenses such as car repairs or a temporary loan of income.
What is an emergency fund?
What can cause you to repay more than the original amount charged to a credit card?
What is interest?
What is the name for money an employer may contribute based on an employee's retirement contribution?
What is an employer match?
You spend $500 on a new phone instead of putting the money into an emergency fund. What financial concept describes what you gave up?
What is opportunity cost?
Jordan works 30 hours and makes $16 an hour. What is Jordan's gross pay?
What is $480?
You receive $500 and decide to save $50 before spending anything else. How much remains for your spending plan?
What is $450?
Why can making only the minimum payment on a large credit card balance be a problem?
What is substantial interest?
An employee contributes $100 to a retirement plan, and the employer matches 50% of that contribution. How much does the employer contribute?
What is $50?
Saving money for several months before buying something you want
Delayed gratification
A paycheck shows $2,400 in gross pay and $550 in deductions. What is the employees net pay?
What is $1,850?
You want a $300 gaming system. Instead of using credit, you save $50 per month. How many months will it take to reach your goal?
What is 6 months?
You charge $1,000 on a credit card but do not pay the balance in full. Name two factors that can affect how much you eventually repay.
What is interest rate, balance, payment amount, timing, fees, or card terms?
Which IRA is generally funded with money that has already been taxed.
Roth IRA
A government program that provides benefits to eligible people, including retirement benefits
Social Security