Taxes
A tax on wages or salary (amount earned) paid to both state (in NC) and federal governments.
A: Income Tax
B: Capital Gains Tax
C: Property Tax
What is income tax?
The charge for the privilege of borrowing money, typically expressed as a percentage rate.
A: Fees
B: Interest
C: Debt
What is interest?
These two types of accounts, maintained by commercial banks and credit unions, may or may not have associated fees, pay interest, or require minimum balances. Deposits and withdrawals are made directly from such accounts, often via bank tellers and ATMs.
A: Checkings & Savings Accounts
B: Investing Accounts
C: Credit Accounts
What are checking and savings accounts?
A personal budget should account for these two line items.
A: Income (revenue) and expenditure (expenses)
B: Fixed (unchanging) and Variable (changing) Expenses
C: Car payment and House payment
What is income (revenue) and expenditure (expenses)?
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Who is Cam (the Ram)?
This tax applies the same tax rate across low-, middle- and high-income taxpayers.
A: Flat (or proportional)
B: Marginal
C: Variable
What is a flat (or proportional) tax?
This interest rate, which factors in borrowing fees, must be divulged by lenders so that you may more easily compare rates.
A: variable rate
B: fixed rate
C: annual percentage rate (APR)
What is an annual percentage rate (APR)?
Low-risk investments generally yield a low rate of return. The converse of the above rule states this.
What is the greater the risk, the greater the reward (and the greater the chance of loss)?
This is the income received prior to taxes and deductions.
A: gross pay
B: net income
c: income after taxes
What is gross pay?
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What is a giraffe?
A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals. In the U.S., federal income tax rates range from 10% to 35%.
A: Increasing tax
B: Scaling tax
C: Progressive tax
What is a progressive tax?
A record (accompanied by a rating) of a consumer's ability to repay debts and demonstrated responsibility in repaying debts.
What is credit history (or credit report)?
The term that denotes the amount borrowed or the amount still owed on a loan, OR the original amount invested.
A: Principle
B: Deposit
C: Interest Owed
What is principal?
This is income after taxes and deductions.
What is net pay?
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A tax that takes a larger percentage from low-income people than from high-income people. Though a tax that is generally applied uniformly, it hits lower-income individuals harder.
A: unfair tax
B: regressive tax
C: income tax
What is a regressive tax?
Something pledged as security for repayment of a loan (e.g. a house or car), to be forfeited in the event of a default.
What is collateral?
Interest calculated on the initial amount deposited or loaned and also on the accumulated interest of previous periods of a deposit or loan. It can be thought of as “interest on interest,” and will make a deposit or loan grow at a faster rate than simple interest.
What is compound(ed) interest?
These types of expenses remain unchanged from period to period. Examples include mortgage or rent, insurance, and, often, utilities.
What are fixed expenses?
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Who is Scarlett Johansson
The Federal Income Contributions Act (FICA) requires that you pay these two "payroll taxes" (for retirement and healthcare)
A: Social Security & Medicare
B: Social Security & Bonds
C: Social Security & Welfare
What are Social Security and Medicare taxes?
In general, the longer the term of the loan, the higher this is.
A: Amount paid
B: Interest rate
C: Principle of loan
What is the interest rate?
This "rule" is a simple, and relatively accurate way, to calculate (divide by rate) the amount of time it will take to double the value of an investment at a specified rate of return.
A: Rule of 2
B: Rule of 134
C: Rule of 72
What is the "Rule of 72"?
These types of expenses fluctuate or change from period to period. Examples include personal entertainment or travel costs, and other discretionary items.
What are variable expenses?
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Who is Sid?