Banking
How does a savings account earn money?
Interest
What is the purpose of a budget?
To balance income and expenses, and plan financial goals for the future.
Premium
Monthly payments to insurance
What an employee earns before taxes and other deductions have been taken out
Gross pay
Not enough money in an account to pay, but the transaction goes through anyway
Overdraft
What percentage of income is allocated to wants in the 50/30/20 budget?
30%
Relationship between deductible and premium
The higher a plan's deductible, the lower the premium. The lower a plan's deductible, the higher the premium.
A document that summarizes an employee's gross pay, taxes and deductions, and net pay.
Pay stub
A member-owned nonprofit cooperative financial institution that accepts deposits, makes loans, and provides a wide array of other financial services and products.
Credit union
Every single dollar of your income is assigned to a specific expense, leaving you with a balance of $0
Zero-based budget
Three most common types of insurance
Auto, life, and homeowners insurance
Medicare is for people aged __ and older
65
The top (33%) reason for being unbanked
Not enough money
How often do fixed expenses occur?
Regular intervals of time, typically monthly
ACA stands for
Affordable Care Act
Each year, taxes are due on
April 15
What P2P app is supported by banks?
Zelle
The Washington (WA) state sales tax rate is currently:
6.5%
HMO stands for
Health Maintenance Organization
Tells the employer the amount of tax to withhold from an employee's paycheck based on their marital status, number of allowances and dependents, and other factors
W-4