Taxes
Credit
Accounts & Investment
Personal Budget
Random
100
A tax on wages or salary (amount earned) paid to both state (in NC) and federal governments.
What is income tax?
100
The charge for the privilege of borrowing money, typically expressed as a percentage rate.
What is interest?
100
These two types of accounts, maintained by commercial banks and credit unions, may or may not have associated fees, pay interest, or require minimum balances. Deposits and withdrawals are made directly from such accounts, often via bank tellers and ATMs.
What are checking and savings accounts?
100

In the 50/30/20 budgeting rule, what does the 30 represent? Give one example.

What are the "wants?" Like internet, streaming services, experiences, restaurants...etc.

100
A United States federal tax form issued by employers stating how much an employee was paid in a year. It is submitted to the IRS along with your tax return.
What is a W-2?
200
This tax applies the same tax rate across low-, middle- and high-income taxpayers.
What is a flat (or proportional) tax?
200
This interest rate, which factors in borrowing fees, must be divulged by lenders so that you may more easily compare rates.
What is an annual percentage rate (APR)?
200

A share in the ownership of a company.

What is a stock?

200
This is the income received prior to taxes and deductions.
What is gross pay?
200

Currently, it amounts to $12/hr, though efforts are being made in Virbinia to raise it to approximately $13.50/hr by 2025.

What is the (federal) minimum wage?

300
A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals. In the U.S., federal income tax rates range from 10% to 35%.
What is a progressive tax?
300
A record (accompanied by a rating) of a consumer's ability to repay debts and demonstrated responsibility in repaying debts.
What is credit history (or credit report)?
300
The term that denotes the amount borrowed or the amount still owed on a loan, OR the original amount invested.
What is principal?
300
This is income after taxes and deductions.
What is net pay?
300
This tax withholding form is completed at the time of employment so that your employer can withhold the correct federal income tax from your pay. Tax deductions or allowances are made for children and other dependents.
What is a W-4?
400
The two most important forms needed to complete a tax return.

What is the W-2 and 1040?

400
Something pledged as security for repayment of a loan (e.g. a house or car), to be forfeited in the event of a default.
What is collateral?
400
Interest calculated on the initial amount deposited or loaned and also on the accumulated interest of previous periods of a deposit or loan. It can be thought of as “interest on interest,” and will make a deposit or loan grow at a faster rate than simple interest.
What is compound(ed) interest?
400

A fee that applies when you overdraw your checking account.

What is an overdraft fee?

400

Give an example of a direct cost of college vs. an indirect cost of college.

Direct - tuition, housing, meals, fees, health ins.

Indirect - rent, books, transportation, furnishings, personal expenses

500
The Federal Income Contributions Act (FICA) requires that you pay these two "payroll taxes" (for retirement and healthcare)
What are Social Security and Medicare taxes?
500
In general, the longer the term of the loan, the higher this is.
What is the interest rate?
500

Name two types of retirement plans.

What are a 401K and an IRA/Roth IRA?

500

How many months of your expenses should be saved in your emergency fund?

What are 3-6 months worth?

500

Explain the difference between a hard skill and a soft skill.

Hard skills are specific skills, competencies, and knowledge needed to perform.

Soft skills are personal qualities or traits that impact how you work.

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