Life After School
Explain Predatory Lending
Loans given out to people who are unlikely to be able to repay in full which causes the loans to grow continuously.
Why do we pay taxes?
In order to fund public services.
FICA
Federal Insurance Contributions Act
Third planet from the sun?
Earth
Checking= account for everyday purchases
Saving= account that is limited and gains minimal amounts of interest
What is a mortgage?
A home loan
Alcohol, tobacco, and gasoline are all examples of this tax...
Excise tax (also known as sin tax)
Interest
A fee from the lender to us for borrowing money
and
Payment we receive for the bank using our money
When is the deadline to turn in missing work for this class?
Midterm/ end of term
401k, profit sharing, and 403b(s) are all examples of...
Retirement plans
Who signs the endorsement on a check?
The payee/person recieving the check
What is a tax bracket?
A tax system that taxes lower income indivduals less and higher income indivduals more
Free Space
Points to the team that picked this
The housing market crash in 2008 helped spark The _____ Recession
The Great Recession
A high school student should have saved at least this much...
$500
What is the purpose of a W-4?
A from that shows your employer how much to withhold
What is a tax deduction? What is a tax credit?
Tax deduction - An incentive that reduces your taxable income (Charitable donations)
Tax Credit - An incentive that subtracts the amount you owe at the end of the year. (Electric car)
Tax
is a MANDATORY payment to a government made by a person, property, or business to fund some public purpose
Taxation began after the Revolutionary War because of debt to ______?
France
What financial advise would you give to a younger relative?
many correct answers
This notorious gangster was finally arrested on the charges of tax evasion?
Al Capone
List 3 states that don't have income tax.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Texas, Washington, Wyoming, and Tennessee
Proportinal tax
A tax that takes the same percentage from all income groups
Who was president in 1929 during the Great Depression?
Herbert Hoover
What is the algorithm for determining net worth?
total assets - total debts = net worth