Budgeting
What is a fixed expense
Expenses that stay constant over a period of time
What are the two types of income?
Earned and unearned
What are taxes?
Mandatory payments made by individuals and businesses to the government
What does a bank provide?
A secure place to store money
What is the current NH minimum wage?
$7.25
What is a variable expense?
Expenses that vary month to month or discretionary or unexpected (Electric bill, groceries, entertainment)
The total amount an employee earns per year
Salary
What is the current income tax rate in NH?
0.0%
What is a loan?
Sum of money borrowed with the expectation to be back paid with interest over a specific period of time
What is the state bird of NH?
Purple Finch
What is a 50/30/20 budget?
50% for needs, 30% wants and 20% for savings
What is capital gains?
Profit earned from the sale of an asset
What is the purpose of a W-4 form?
Employees complete when starting a new job to select their tax allowances withheld
What are the two most common bank accounts?
Checking and savings
Who is the one US president that has been from NH
Franklin Pierce
Cognitive bias that justifies spending money that will never be made back
What is the current federal minimum wage?
$7.25 per hour
What is the standard deduction rate for a person filing their taxes with single status?
14,600
Name 3 of the 5 types of banks
Retail, commercial, investment, credit unions & central banks
In order from largest to smallest (land area) what number does NH rank?
46th
What is the equation for Net Worth?
Assets - Liabilities = Net Worth
A weekly salary of $1,000 earns how much per year?
$52,000
What is the current rate at which we are taxed for Social Security and Medicare?
7.65 % Social security 6.2% and Medicare 1.45%
What is the dollar amount the FDIC protects depositors funds per account?
$250,000
NH was the 9th state to join the union, what year did it happen?
1788