The action or fact of leaving one's job and ceasing to work for the rest of your life.
Retirement
An interest rate that stays the same no matter what is called a ________ interest rate.
Fixed
Things that are required in order to live
a type of insurance that covers any damage you may cause to another person or their vehicle
Car Insurance
What account does a debit card access?
Checking Account
Name at least 3 types of taxes taken out of each paycheck each pay period.
Medicare
Social Security
Federal
State
Local
What is the downside to a variable interest rate?
It can increase over time.
People who rely on another person for primary financial support---e.g., children, spouse, other family members
A dependent
Insurance that covers medical illness or injury.
Health Insurance
Report sent from the employer to both the IRS and the employee, showing gross income, total taxes paid, and total voluntary deductions.
W2
What you receive on a regularly basis from an employer in the form of direct deposit or paper
Paycheck
An interest rate for a savings account that increases over time is called a...
Compound interest rate
things you purchase that add comfort and pleasure to your life
Wants
True or false: A higher premium usually means a higher deductible.
False
The total amount of income from wages after deductions, taxes and allowances
Net Income
Name one way to increase to your potential future salary...
Higher education and increased experience
Which type of bank account collects interest over time?
Savings Account
What is one way to make rent cheaper without choosing a different home/apartment?
Get a roommate
A deductible is a payment you make...
When an incident/accident occurs
the total amount of income from wages before any payroll deductions (ex. taxes)
Gross Income
What is does being financially secure mean?
Having enough money saved to be able to withstand crises and emergencies.
Where do you allocate your money in the 50/30/20 rule?
50% Needs
30% Wants
20% Savings
Change from one period to another, examples: electric bill and entertainment.
What is Variable expenses?
The withholding form each new employee fills out, stating the number of exemptions. the more exemptions listed, the less withholding tax will be taken from the paycheck.
W4