Vocabulary 1
A financial institution that accepts deposits from the public.
A Bank
Money that you owe to someone else, often because you borrow it. You don't have the money to pay back.
Debt
What two types of financial aid do you NOT need to pay back?
Scholarship
Grant
What is income tax?
A tax on the money you earn from work or investments.
24
A thing that is borrowed, especially a sum of money that is expected to be paid back in interest.
A Loan
a way to buy things now and pay for them later, usually from borrowing money from a bank
Credit
Name 3 ways you can receive/earn money to pay for college.
Scholarships, Grants, Loan, Work-study, Work, Save!
What is sales tax?
A tax imposed by the government on the sale of goods and services.
When should you start submitting college applications?
Between your junior and senior year of high school
A card issued by the bank that allows the holder to transfer money electronically to another account when making a purchase.
Debit Card
the gradual increase in prices for goods and services over time, decreasing the value of money
Inflation
Why are scholarships awarded?
Merit scholarships are usually based on characteristics such as academic achievement, athletic ability, or talent.
Name at least 2 types of taxes taken out of your paycheck.
Federal income taxes: The largest amount withheld.
Social Security tax: 6.2% of your wages.
Medicare tax: 1.45% of your wages.
State income taxes
Name 2 ways to study.
Note-taking, Flashcards, Quizlet, Discussions, Maps/Diagrams, Frayer model, Marking the text, Summarizing, Reading, etc.
A plan for how to spend and save money over a certain period of time
Budget
Deductible
Financial Aid that needs to be paid back. Payments usually begin 6-12 months after graduation
Loans
Who pays income tax to the US government?
Anyone who earns income!
Name at least 5 subjects that you must take in order to graduate HS.
English (4), math (3), science (3), social studies (3), the arts (2), world languages (2), career and technical education (CTE) (1), health and fitness (2), and electives (4)
What is gross income?
the money you make BEFORE taxes
What is net income?
the money you make AFTER taxes
What does FAFSA stand for?
BONUS: When does it open?
Free
Application for
Federal
Student
Aid
October 1st for the next school year!
- When do you need to file taxes by?
BONUS: Why do we get a tax return? (100 pts.)
- April 15th
- Taxpayers get tax refunds when they overpay federal or state taxes. If you paid more through the year than you owe in tax, you may get money back.
What is the SAT test?
BONUS: What is the ACT test?
The SAT is a standardized college admissions test in the US that covers Reading, Writing, and Math sections. Total score range is 400-1600.
Multiple-choice, computer-based test used by most colleges and universities to measure high school students' readiness for college.
Average is 1060.
The ACT is a standardized test used for college admissions in the US, covering English, Math, Reading, Science, and Writing.