Scams
Define Fraud.
What is a 1040?
A basic form used for personal income tax returns filed with the IRS.
What does the FDIC do?
They protect and insure banks.
What are student loans?
Loans taken out for post-secondary education expenses.
Define Imposter Scam.
An attempt to get you to send money by pretending to be someone you know (sheriff, bank, family member, etc.).
Total earnings before taxes and deductions.
Define Tax Liability
Total amount you owe in taxes.
What is a Credit Union?
A non for profit bank that is member owned.
What are Auto Loans?
Loans for purchasing vehicles.
Define Identity Theft.
Someone else using your personal information- such as: name, social security number, or credit card number- without your permission
Define Net Pay
Earnings AFTER payroll taxes and deductions are taken out.
April 15
What happens if you touch the money that has been deposited into a Certificate of Deposit?
If you touch the money you will be punished or charged a fee.
What is a flex loan?
It is not a necessarily a loan but a line of credit that borrowers can use to access cash.
Define Mail Fraud Scam.
A letter/letters that appear to be real but contain false promises. Typically ask you to send money or personal information in return to something.
Define Pension
A sum of money paid regularly as a retirement benefit.
Who pays taxes?
Everyone!
What do you do if you want to add more money to your CD?
You have to open another account.
What are Pay-Day loans?
Very short-term, high interest loans that are due on the borrowers next pay day.
Define Wire Transfer Fraud.
Tricking someone into transferring money to steal from them.
What does FICA stand for?
Federal Insurance Contributions Act.
Who is considered head of household?
How is the interest rate of a savings account determined?
The interest rate fluctuates with the economy.
When taking out loans you should consider...
Can you afford it? Is it the best option for you? Will you be able to pay it back on time?