Payday
True or False
On payday it is best to put all of my money towards expenses and into savings.
False
A way to buy now and pay later?
What is credit
The amount of money taken out of paycheck?
Deductions
What is the amount of money earned?
income
What is money taken out of account?
Withdrawl
You should aim to put how much money into savings for the month?
10-20%
A report listing your debts, activity on your accounts and credit rating.
Credit report
Tax taken out of paycheck that funds government services and programs
Federal income tax
What is money set aside for future use called?
Savings
What is money put into an account?
Deposit
Internet, TV subscriptions/gaming subscriptions, Car payment/transportation expenses (bus/,uber, ect), Gym membership, groceries, Cell phone bill, Credit cards, Pet expenses
Money added to repayment when using borrowed money
Intrest
A portion of your earnings is deducted to fund the Social Security program, which provides retirement and disability benefits.
Social security task
What is money that is owed?
debt
A record kept by bank of deposits, withdrawals, and account balance?
Bank statement
How can you plan for big purchases such as a vehicle, down payments, holidays, tattoos, traveling?
Set up plan in advance to tackle those goals. Put aside a certain amount of money from each paycheck to reach towards that goal.
The smallest amount of money to be spent monthly towards balance due?
Minimum payment
A document that summarizes gross pay, deductions, hours, and take-home pay.
Paystub
What is a list of planned upcoming income and expenses?
Budget
Money the bank pays you for keeping your money in an account or the money you owe on money you borrow
Interest
Name two other things you can allocate money towards for each paycheck.
Investing, High yield saving account, Student expenses, clothing, personal development, classes, business opportunities, ect...
How do you build credit?
Getting a small personal loan and paying balance on time monthly, getting credit card and keeping balance low, paying monthly bills on time, Paying off debts
What is your pay before withholdings called?
What is your takehome pay called?
gross, net
What a required cost or something money gets spent on?
Expense
A check that is retuned to the bank because there isn't enough money in the account to cover it.
Bounced Check