Pay Stubs
True or False. A pay stub and a paycheck are the same thing.
False
Fill in the blank. Income tax was imposed during the __________
Civil War
What type of tax system is used in the United States?
Progressive Tax
What bank account lets you easily access your cash?
Checking Account
Where was the first bank was opened in the United States?
Philadelphia
How long do most employees keep their pay stubs?
One year
A financial statement that reports a company's financial performance over a specific accounting period is called what?
Income Statement
What is a tax on products and goods the consumer must pay to purchase them?
Sales Tax
What is the term for the minimum dollar amount that a customer must have in an account in order to receive some sort of service benefit?
Minimum Balance Requirement
What led to a renewed interest in a national bank?
The Civil War
What does FICA stand for?
Federal Insurance Contributions Act
List three different types of income
● Personal Income
● Employment Income
● Investment Income
● Gross Income
● Disposable Income
● Discretionary Income
List three states that do not have a sales tax:
Alaska, Delaware, Montana, New Hampshire, Oregon
What document orders a bank to pay a specific amount of money from a person's account to another person's account
Check
What is it called when a large number of depositors would attempt to pull out their money?
A “run” on the bank
Name two states with no state income tax
What amendment legalized income tax?
16th Amendment
What tax is placed on products or services that are deemed to be non-essential or unneeded?
Luxury Tax
How old do you have to be to open an account at a bank?
18
What was established in 1863?
National Banking System
Name four insurance deductions that could be on your paycheck.
Dental, Health, Life, Vision
What type of income is the total amount of income an individual had before deductions were made?
Gross Income
What form do you fill out to to have your employer withhold the correct amount of income tax from your paychecks?
W-4 Form
Fill in the blank. "Most financial institutions have deposit insurance on the first ___________ you have on deposit.
$250,000
Fill in the blank. “In 1893, a bank panic coincided with the worst depression the United States had ever seen, and the economy stabilized only after the intervention of financial mogul _________"
J.P. Morgan