Financial Literacy 1
The money you earn, spend and save are called __________ ___________.
What are PERSONAL FINANCES?
What is another name for the Federal Insurance Contributions Act (e.g., Federal, state, social security and medicare, etc.,)
What is FICA?
________ ________ are the plans you have for using your money.
What are FINANCIAL GOALS?
A person gets paid 12 pay periods out of the year.
What is getting paid MONTHLY?
A person gets paid 24 pay periods a year.
What is getting paid BI-MONTHLY?
What is OVERTIME?
What are VALUES?
A piece of paper attached to a pay check that shows what was earned and what deductions were taken.
Spending and saving are identified as two main types of ________ ________.
What are FINANCIAL GOALS?
________ expenses are known each month (e.g., rent).
What are FIXED expenses?
A bank card that automatically deducts the amount of a purchase from your checking account.
What is a debit card?
Things you must have/purchase in order to survive are called _________ ________.
What are FINANCIAL NEEDS?
The "S" in the goal-setting process represents...
What is SPECIFIC?
The money you earn at your job when you get paid by the hour.
What is HOURLY WAGE?
A plan for spending and saving money.
What is a BUDGET?
a card issued to consumers that is used to make purchases, with the agreement that the cardholder will ultimately pay back the card issuer for the cost of the items purchased, along with any agreed upon fees and interest
What is a credit card?
Money owed from one person to another person/an institution
What is a debt?
Electronics funds transfer (EFT) when you move money from one account to another using _________ _________.
What is ONLINE BANKING?
the total amount of income from wages before any payroll deductions
A cost added to the production of one additional unit is called ______ ______.
What is MARGINAL COST?
What is MONEY?
_________ ___ ________measures how comfortable you are, based on the things you own.
What are STANDARDS of LIVING?
A targeted intention that is specific, measurable, achievable, realistic, and time-bound.
What is a S.M.A.R.T. Goal?
When you earn a percentage of sales that you make.
What is COMMISSION?
What is REALISTIC, RELEVANT?
the additional benefit to a consumer from consuming one more unit of a good or service is _________ ______.
What is MARGINAL BENEFIT?
True or False...
ALL States have to pay income taxes.
What is FALSE?
Assets - Liabilities = ______ ________
What is NET WORTH?
Flexible or _________ expenses change from month to month.
Things that you desire to have but don't necessarily need in order to maintain a certain standard of living are called ______ _______.
What are FINANCIAL WANTS?
If you have a ________ in your budget, you are spending more money than you are earning every month
What is a DEFICIT?
written orders to a bank to pay a certain amount of money from a checking account to another person or business
What is a CHECK?
Basic wages or salary paid to employees in exchange for doing their jobs (without overtime...) is called _______ _______.
What is BASE PAY?
The money you earn from your job after the tax man gets to it.
What is net income or net pay?
Wages are deposited directly into a depository institution (bank) account
What is a DIRECT DEPOSIT?
The form that determines the percentage of an employee’s pay that will be withheld for
federal taxes. (Hint: It is filled out prior to the employee starting their job).
What is a W4 Form?
Assets that can quickly and easily be accessed and converted into cash.
What is LIQUIDITY?
A four-digit number used as an electronic signature
What is a Personal Identification Number (PIN)?
A tax on things -- such as land, buildings (including homes), and motor vehicles
What is PROPERTY TAX?
Fixed amount of money or compensation paid to an employee by an employer in return
for work performed.
A tax on purchased goods and services is called _______ _______.
What is SALE TAX?
A state-sponsored system that pays monetary benefits to workers who become injured or disabled on the job is called _________ _________.
What is WORKER'S COMPENSATION?
_____-__- is the amount listed on your "paystub" to reflect how much money your job/organization has paid you (so far) from the beginning of your contract to the current pay period.
Money spent on luxuries on a lavish scale in an attempt to enhance one's prestige or impress others is called ________ ________.
What is CONSPICUOUS CONSUMPTION?
What is getting paid WEEKLY?