Contract
State/Local Taxes
Fafsa
Random
100
What is a contract?
defined as a legally enforceable promise between two parties that can be either oral or written
100
what is a progressive tax?
a tax whose rate increases (“progresses” upwards) as income increases. Essentially, the wealthier you are, the more tax you pay.
100
What is the most common way for students to pay for college>
Loans
100
what is a value?
Something that is desirable, worthwhile, and important
Influenced by family, friends, teachers, coaches, television, and movies
Each person has different values which guide his/her daily decisions
200
Every contract has three main ingredients: name them
Offer
Acceptance
Consideration
200
Does Frederick county have a income tax?
Yes, Frederick County has an income tax.
200
Why is it important to apply for FAFSA as soon as possible?
the sooner you fill out the FAFSA® the better so that you don’t miss out on qualifying for aid you are eligible for.
200
why do people have bad spending habits?
Impulsive behavior
living paycheck to paycheck
influence from social media
300
Maryland is not a right to work state.
300
Marylands sale tax is 6%.
300
Money in different forms given to college students who need help paying for tuition, housing, and other costs of college, What are some examples of forms?
Comes in the form of scholarships, grants, and loans
The federal government gives out loans and grants
A private organization can give out scholarships, loans, and grants
400
Name two pros and two cons for organized labor.
Pros- Collective bargaining allows workers to negotiate higher salaries and fairer conditions
Pros- Unions can provide benefits for all - we all enjoy weekends and an 8 hour work week, but not all of us are in a union!
- CONS
Unions require payment of dues and fees - not free!
Limited working time (companies can restrict to a 40 hour week, eliminating overtime)
- Sometimes, companies raise prices due to hiring more expensive unionized workers
400
What county has the highest property tax?
Overall, Frederick County has the one of the highest property tax rates of any county in Maryland. The county's average effective tax rate is 1.13%
400
How is money determined for FAFSA?
When you apply, through the FAFSA, the government determines the key number EFC - Estimated Family Contribution (Measures your “financial strength”)
Based on parental income and savings, the government estimates how much your family can afford to pay toward college
500
Why do we need contracts?
Without contracts, it would be very hard for our economy and our lives to operate. We need some agreement between parties so that everyone can get what they want.
500
how does Maryland withhold your state income tax?
In Maryland, we use a MW507.
500
What do you need to complete a FAFSA application?
Your Social Security Number (SSN)
Your “Alien Registration Number” (If you are not a citizen)
Federal income tax returns, W-2 forms, and any other information of money earned (from you or parents if they’re helping)
FSA ID to sign in electronically
(Only if applicable) Bank statements/investment records
(Only if applicable) Records of untaxed income
500
How does values affect spending?
It affects spending due to what the person believes and what they would want their money to go towards.
A person’s values and perception of needs and wants influences their personal financial decisions!