Side Hustles/ Part Time Work
Name one online tool that can help you track earnings and expenses for your side hustle
What is Excel, Google Sheets, QuickBooks, or a budgeting app
What is a debit card?
The type of account you put money in for everyday spending is called?
What is a checking account?
Buying a small piece of a company to earn returns is called what?
What is investing in stocks
What form do employers provide that shows your total earnings for the year
What is a W-2
You earn $15/hour and work 20 hours a week. How much do you make in a month (4 weeks)?
What is $1,200?
What is the max recommended credit utilization to maintain a healthy credit score?
What is 30% or less
You're setting up automatic payments for rent and utilities. What is one step to avoid overdraft fees?
What is ensure sufficient funds in your account before payment dates
You invest $500, and it grows $10% in one year. How much do you have?
What is $550
What is the term for money taken out of your paycheck for taxes before you get paid?
What is withholding
Name 2 things to consider when starting a side hustle while in college?
What is the term for the percentage of your credit limit that you're currently using?
What is credit utilization
What is the Difference between Savings and High Yield Savings?
A savings account has a lower interest rate than a High Yield Savings Account. Also, HYSA lets your money grow more than a standard Savings Account
Which type of investment allows you to lend money to a company or government in exchange for interest?
What is a bond
What is the name of the tax form you file to report your income and calculate your tax refund or balance due?
What is a 1040 form
If you want to protect your personal finances from business liability, which structure should you consider for your small business?
What is LLC (Limited Liability Company)
You make a $1000 purchase on a credit card with 18% APR and pay only the minimum each month. What is likely to happen over time?
What is paying a lot of interest and takes longer to pay off the balance
Name one fee banks may charge that can be avoided with smart account management?
What are overdraft fees, monthly fees, and ATM fees
Name one type of investment that is considered lower risk than stocks.
What are bonds, savings accounts, or CD's
You earned $8,000 from a part-time job and $2,000 from a side hustle. You’re in the 12% tax bracket. Approximately how much federal income tax do you owe?
What is $1,200 (12% of $10,000).
This type of side hustle lets you earn money by offering skills like graphic design, writing, or social media management to multiple clients on your own schedule
What is Freelancing
You have a credit card that reports to all three credit bureaus. Which three factors most influence your credit score?
What is payment history, credit utilization, and length of credit history
What is the main difference between a credit union and a traditional bank?
What is credit unions are member-owned, often have lower fees, and banks are for-profit
What is the term for when your money earns money, and then new money earns even more money
What is compound interest
You plan to work part-time, have a small side hustle, and want to minimize your taxes legally. Name one strategy to achieve this.
What is claiming education credits, deductions, contributing to an IRA, or keeping business expenses documented