Income and Expense statement
What are expenses?
Things you are paying for
What the fancy word for bank?
Depository institution
What two things make up payroll tax?
Medicare and social security
What does the statement of financial position measure?
Net worth/wealth
What is another name for a spending plan?
budget
What are two types of income?
Earned and unearned
What are the two types of banks?
Credit unions and commercial
What type of tax is paid on the purchase of everyday items?
sales tax
What time era does the statement of financial position represent?
One particular date/today
What time era does a spending plan represent?
the future
What time era does the income and expense statement represent?
The past
What is an overdraft fee and how much do they cost?
When you go in to the negative in your account (spend more than you have) and they cost $35
What is the name of the tax that is paid on specific items like gas, tobacco, alcohol, flights, and hotels?
Excise tax
What are the three components of the statement of financial position?
Assets, liabilities, and net worth
What two amounts do you use on our spending plan?
Planned amount and actual
What are three examples of how you could track your expenses?
write them down, receipts, apps, banking tools, banking statements
What is the definition of interest?
The cost of using someone else's money
What is unearned income?
Money made on investments
What is a liability?
Money or an obligation owed to someone else
What are three methods of making a spending plan?
written, spreadsheet, apps, banking tools
Which income amount do you place in the income column? Net or Gross?
Gross
What is the main difference between credit unions and commercial banks?
One is for profit and one is not
Federal and state
What is the name of the value that you write down for tangible assets?
Market value
What does a spending plan help you do?
Manage money