Vocabulary
Career and Income Goals
Savings Accounts
Taxes
Checking Accounts
100
What is a sales tax?
Based on a flat percentage of the selling price of a product or service.
100
Since all career objectives are difficult to achieve, most people need to what?
Make good choices.
100
In order to open a savings account what are your required to do?
Fill out a signature card.
100
What is one characteristic of the IRS definition of taxes that distinguish them from other payments made to government agencies?
1) The payment of the governmental authority is required by law. 2) The payment is required in accordance with the legislative power of tax. 3) The purpose of requiring the payment is to provide revenue to be used for public or governmental purposes. 4) Special benefits, services, or privileges are not received as a result of making the payment. The payment is a not fine or penalty that is imposed under the powers of government.
100
If you make a mistake on a check, what should you do?
Write void on it.
200
What is a check?
A check is a written order to your bank.
200
Many people follow the career that offers the path of least...what?
Resistance.
200
Specialized savings accounts may pay higher interest rates, but what can some of them have attached?
Some have restrictions attached to them.
200
What are some 5 types of taxes?
Income tax, social tax, sales tax, property tax, tax revenue.
200
If your checks are stolen, what can you put on them?
A "stop payment".
300
What does reconcile mean?
To agree with a difference.
300
If you enjoy what you are doing, you will probably what?
Succeed at it.
300
What is a passbook?
A small, firm paper booklet in which the bank will record all your deposits and withdrawals.
300
What is sales tax based on?
Based on a flat percentage of the selling price of a product or service.
300
Always fill your checks in with what?
Ink
400
What is an ATM? What does ATM stand for?
An ATM is a computerized banking machine. ATM means Automatic Teller Machines.
400
What kind of tests are available if you are unsure about a suitable career?
A preference test.
400
The money the bank pays you for keeping your money in a savings account is called what?
Interest.
400
Because the ease of concealment, the collection of what property taxes is administratively difficult?
Personal property tax.
400
Checks are safer to carry around than __?
Cash.
500
What is endorsed mean?
Checks that serve proof of payment.
500
Most people give little thought to their career _____?
Choice.
500
Interest will not be posted to your account until you what?
Until you make your next transaction.
500
What is taxable income?
The difference between the total income of a taxpayer and the deductions allowed to that taxpayer.
500
When you deposit money onto your checking account, what do you need to fill out?
A deposit slip.
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