Money
What is money used for?
buying goods and services
What does the federal reserve do with damaged money?
shred it
What are the name of a few common banks?
Huntington, Chase, Citi, BMO Harris
What is the name of your credit score?
FICO
the amount of money you're paid after all taxes and deductions are taken out of your paycheck
what is net pay
What are the three types of money?
currency (coins and dollars), checks, and credit
How many district banks are in the Federal Reserve?
12 District Banks
what are some types of financial institutions?
Credit Unions and Banks
What types of places have credit cards?
Banks, Credit Unions, Department Stores
used to inform your employer of how much federal income tax to withhold from your paychecks.
what is the W-4 form
What types of deductions come out of your paycheck?
social security, taxes
What is the rate called at which the federal reserve loans money to banks?
Discount window
What is the name of the rate at which banks lend money to other banks?
Federal Funds Rate
What are ways people get in debt?
Spend on credit cards they cannot pay back
form that your employer sends you that tells you how much you've earned and how much you've paid in taxes in the last year.
what is the W-2
types of smart cards issued by banks to facilitate salary payments between employer and employees.
what are payroll cards
what are the three tools the federal reserve uses in monetary policy?
Change in discount rate, change in reserve requirement, and open market operations
What determines how much of your deposit banks keep on hand?
The reserve requirement determined by the Federal Reserve
What are ways people get out of debt?
File bankruptcy, pay off their debts
a flexible market that allows you to work short-term, independent jobs.
what is the gig economy
an agreement or arrangement between the bank and a borrower, to provide a certain amount of loans on borrower’s demand
what is line of credit
Who signed the Federal Reserve in as part of the government?
Woodrow Wilson
You can access the account as the saving account but, unlike saving account, you cannot earn interest on this account. The benefit of this account is that there is no limit for withdrawal.
what is a checking account
they can help build your credit history, get you rewards, and allow you to purchase things that you need. (when used responsibly)
what are credit cards
possible deductions that could come out of your paycheck.
What is federal income tax, FICA, state income tax, and deductions for employee benefits (such as contributions to retirement savings)