Income
Total Pay or earnings made over a one-year period before ANY deductions are taken out.
Gross Annual Income
Where on a check would you write who the check is from?
On the pay to order of line
What does the term "Pay Yourself First" mean?
To automatically save a portion of your income for future use
What are goods and services that people cannot survive without called
Needs
A business cost that remains the same, such as rent is call a _______ cost
Fixed cost
A portion of your personal income paid to the government.
Income Tax
What is written on the memo line
A reminder/ reason of the item purchased
What percentage do they suggest we save every month
10 to 20 percent
A plan that takes more than a year to accomplish is called a what
Long-term goal
What type of income is left after your taxes, expenses, and savings have been removed
Discretionary Income
Required payments to the government
Taxes
Debit or Credit cards, which one is most similar to a check and why
Debit Cards as these and checks both take money directly from the persons checking account. (Credit Cards are a loan from a third party that if not paid in full will be charged interest)
An interest bearing account where people put money for future use
Savings Account
Making a purchase based on an immediate want or when not planned is called what
Impulse buying
A business cost that increases or decreases, such as labor is a _______ cost
Variable cost
Amount of monthly income remaining after all tax deductions have been taken
Net Monthly Income
Who does the money on a credit card come from?
The card company/ the bank
What is an example of fixed income?
Rent, car payment,
Coverage plans that protect a person against financial loss or damage
ALSO give an example!!
insurance policy
Which of the following people pay income taxes?
a. Someone unemployed
b. Someone that is a stay at home mom
c. Someone who works at HomeGoods
C
If I got a check that is from 5/1/24-5/30/24, how often do I get paid?
Once a month
What is something that I would save for?
Home, car, wedding, vacation, college
Groceries, hair and nails, clothing, doctor/dentist bills
Variable Expenses
Government insurance money that provides benefits to most Americans who are retired, sick, or disabled
Social Security