Taxes
tax paid on purchased goods and services, Montana is one of the few states that does not have one
What is Sales Tax?
Banks and Credit Unions
What are the two types of depository institutions?
commonly called a budget
What is a spending plan?
describes how you have utilized finances in the past
What is income and expense statement
Assets- Liabilities=
What is Net Worth?
Taxes on earned and unearned income that fund federal programs
What is Federal Income Tax
Insured by the FDIC
What is a Bank?
time frame used most commonly for spending plans
What is Monthly
Spending more money than you are earning
What is Net Gain?
something of monetary value
What is an asset?
Taxes that often fund schools, taken from value of land, vehicles, and buildings
What is Property Tax
Usually small local depository institutions, backed by NCUA
What is Credit Union?
Having money left over after all expenses have been paid
What is net gain?
Eating out, groceries, kitchen supplies
What is food costs?
describes financial situation on a specific day
What is Statement of Financial Position?
Tax automatically taken from your paycheck
What is Payroll Tax?
Direct access to finances through a smart phone
What is Mobile Banking?
Type of expense that must be paid for a set amount of time and is difficult to eliminate
What is contractual expense?
your pay before taxes
What is gross income?
money that is owed
What is liability?
Hidden Tax, usually on fuel, hotels, and cigarettes.
What is an Excise Tax?
Fee charged when more money is withdrawn from an account than the account balance
What is Insufficient Fund Fees?
Track current income and expenses, personalize your spending plan, allocate money to each category, implement and control, evaluate and adjust
What are the 5 steps to developing a spending plan
the actual value of your paycheck
What is net income?
something purchased in hope that it will gain value overtime
What is an investment asset?