TAXES
These taxes come out of a person's paycheck and is meant to help people once they retire.
Social Security Tax
Profit is .........
Money you have after you have paid all your expenses
The abbreviation for an Automated Teller Machine?
What is an ATM?
The money you receive from your job
salary
When you take money out of your bank account, it is called a _______
withdrawal
This tax is added to a purchase you make.
Sales Tax
Financial institutions are .......
(there are 3 answers to this, give any one)
Banks, credit unions, savings and loans
What the name for a paper document issued by an employer to pay an employee for services rendered.
A paycheck
The lowest hourly wage a employer can pay their employee is known as
minimum wage
When you put money into your bank account, it is called a ______
deposit
These types of taxes take a percentage of your paycheck. the more you make, the more that is taken out.
Income Tax
which of the following is an example of a fixed expense?
rent, leisure trips, movie tickets, restaurant bills
rent
Something that you pay is called
an expense
What is a credit card?
A credit card is a type of unsecured borrowing under which a bank or NBFC agrees to offer you a predefined credit limit.
A plan for earning and spending over a period of time is known as a _____
budget
Payroll and ____ are taxes that are deducted from a person's paycheck.
Income Tax
which of the following is a variable expense?
loan, rent, groceries
groceries
Riya started a business of buying and selling used books. In May, she earned ₹ 3,934 and spent ₹ 2053. What is her profit for the month of May?
₹1881
List 2 advantages of having a credit card
cashback
Rewards
50 days interest free credit period
security
a bank account for managing income and daily spending
current account
Property tax is based on the value of personal property, home, land and etc.
True or False
True
which items are examples of liablities?
machinery, house, car, car loan
car loan
Many people deposit some or all of their money in banks because ____
a) they want to be friends with the owners
b)they have more money than they need
c) they want to keep their money in a safe place
d) they have to follow the laws of their state
c0 they want to keep their money in a safe place
The score given by a credit agency regarding your ability to pay off a debt.
credit rating/score
A type of bank account that allows you to easily deposit and withdraw money for daily transactions
Checking Account