My Income and Expenses
Define paystub
A paper or electronic receipt that lists all payments and subtractions whenever an employer pays and employee
Define Income and Expenses
Income: the amount earned from working or other sources.
Expenses: the amount spent to make purchases and pay bills.
What is a CEO stand for and what is it responsible for?
Chief Executive Officer; leads the company
What is the difference between a credit and debit card?
Credit spent that you will have to pay back at end of month.
Debit comes directly from your checking account.
What is one thing you did today that demonstrated personal responsibility?
Washed hands, wore seatbelt, brushed teeth, using crosswalk.
What percentage of your income should you save?
10-20%
What happens when you write a check that is more than the amount of money you have in your account?
The check will bounce.
What’s the difference between a job and a career?
A job is typically a single work experience
A career is extended work experience. It may include multiple jobs within the same company, or the same kind of job in multiple companies.
What is one positive and one negative aspect of owning a credit card?
Positive: Convenient, easy to use
Negative: Could be lost or stolen, hard to track spending
What are taxes used to pay for?
roads, public education, city parks, libraries etc.
Why should someone start a savings account?
To save up for emergencies or big expenses
What is the JA suggested prioritization order of the following: Essential living expenses, nonessential living expenses, savings
1. Savings
2. Essential Living Expenses
3. Nonessential Living Expenses
What is a CFO stand for and what is it responsible for?
Chief Financial Officer; in charge of company's finances.
True or False If you file bankruptcy it stays on your credit report for 10 years.
False, it stays on your report for 7 years.
When do you fill out a deposit ticket?
When you are depositing money into the bank?
What is the difference between gross and net income?
Gross Income: Income before all items like taxes have been deducted
Net Income: Income after all items like taxes, insurance, retirement savings have been deducted. What ”actually” gets paid to you.
Define direct deposit.
When the company you work for automatically puts money into your checking account.
Answers vary
What form of payment could a gift be given in?
gift card, prepaid card, check, cash
Why is it important to endorse a check?
The signature proves it is you that is depositing the check and that the check amount is correct.
What do you have to pay the bank when you take out a loan?
Borrowed money + interest
Define income taxes.
Taxes on the salary earned that are taken out of your paycheck.
How can your company make a profit?
Earning more than you owe to the bank.
or Mark-up the price
Define financial responsibility, and name one way you can be financially responsible today.
Healthy financial practices, including having a budget, paying yourself first, using credit wisely, and spending less than you make.
What is online banking?
Tracking your finances, spending, accounts online.