Taxes
What is the purpose of paying taxes?
Funding for public goods like transportation, roads, fire fighters, teachers, education, etc.
How does a 16 year old start a checking account?
Go to the bank with identification and money to deposit. A parent/guardian must also be present to cosign for the account.
Money
An agreed upon currency that we use as a third good.
Third planet from the sun
Earth
What are 2 uses on mobile banking?
Paying bills and transferring funds
This is a tax on something you own.
Property tax
What is a checking account? BE SPECIFIC
A spending account used to make purchases. This account will likely have no interest and will be the most active account.
Debt
Money we have to pay back to a person/place (usually with interest)
George Washington
Pick this one
Free space. Enjoy it now because there is nothing free in life
List at least 3 withholdings you'll likely see on a paystub
FICA, Fed Tax, State tax, retirement, benefits
What is direct deposit?
When your employer deposits money directly into your account.
Withholding
A subtraction from our paycheck for taxes or employer benefits
Harry Potter and the Sorcerer's Stone was originally called?
Harry Potter and the Philosopher's Stone
A high school student should have at least this much for an emergency fund?
$500
Name at least 4 states without income tax
Wyoming, Washington, Texas, South Dakota, Nevada, Florida, Alaska
Explain a bounced check
A check that is worth more than what the account is worth. This causes an overdraft fee as well as a negative impact on credit score
FICA
Social Security and Medicare Tax
What is the name of the comet that is viewable from Earth every 75 years?
Halley's Comet
Provide 4 examples of financial goals
Paying off debt, having x amount in savings, owning a car/home, earning x amount a year, etc
Explain the difference between tax deduction and tax exemption
Deduction - reduces taxable income
Exemption - No taxes need paid
Compare check cashing services to a checking account
Check cashing - will pay you cash for your check but at a fee. Does not gain interest or allow for credit building
Checking - Provided by a bank, allows for free storage of funds (rarely has a fee), sometimes gains interest, allows for direct deposit/direct debit.
Net Worth
Our value determined by comparing assets to liabilities
Explain the literal and figurative meaning of the Latin phrase "sub rosa"
Under the rose and to meet in secret
When are taxes due?
Tax day - April 15th