Financial Definitions
This is the total money you earn before deductions (taxes, insurance, etc.)
What is Gross Income/Pay
This is the average starting internet plan cost.
What is $50-$60.
This is the national average credit score.
What is 700.
The name of the system before paper money, people traded goods for other goods.
Bartering
This date is the famous annual deadline to file income taxes.
What is April 15th.
This it the money you take home after deductions (taxes, insurance, etc.)
What is net income/pay
This is the average consumers energy bill for a one bedroom apartment.
What is $80-$120
This percentage of Americans live paycheck to paycheck, unable to save $1000 for emergencies.
What is 50%.
This common crop was used as a legal form of currency in early American colonies.
Tobacco
This is the money you pay as a tenant to a landlord before moving in, which in Michigan can equal as much as 1-1.5 times the monthly rent.
What is security deposit.
This is the money deducted from a paycheck to pay taxes in advance.
What is withholdings
This is the average cost of rent for a 1 bed, 1 bath apartment.
What is $950-$1100.
This is the averaged used car payment monthly.
What is $500.
This war caused rising inflation and shortages resulting in many Americans adopting strict budgeting practices.
WWII
Beyond the car payment itself, name a common cost of owning a vehicle.
What is insurance, registration, fuel, and maintenance.
This form is received from employers listening total earnings and taxes withheld.
What is W-2 form.
This is the average cost of PLPD car insurance per month.
What is $95-$125.
This is the average credit card debt in America.
What is $6,500.
The need to finance this war resulted in the first version of income tax in 1862.
Civil War
These four expenses are often called the "4 walls", which experts suggest you should prioritize over other categories of bills.
Food, utilities, shelter, transportation.
This is the standard IRS form for individual income tax returns.
What is a 1040 Form.
This is the average grocery bill for a single person monthly.
What is $250-$350.
This is the average student debt for Americans who attend a 4 year university.
What is $43,000.
This U.S. amendment gave congress legal authority to impose a federal income tax on individuals and corporations without dividing it among states based on their population.
What is the 16th Amendment.
3 of the 5 factors that determine your credit score
1. Payment history: tracking if you pay your bills on time
2. Credit utilization: total debt and how much of your available credit you are use
3. Length of credit history: The age of your oldest account, newest account, and average age of all accounts
4. Credit mix: varieties of accounts you have, such as credit cards and loans
5. New Credit inquiries: Recently opened accounts and "hard" credit inquiries (when lenders check your credit for a new application)