Account Info
What is an important thing to consider when choosing a bank or credit union for a checking account?
Whether there are monthly fees or minimum balance requirements.
The condition of scarcity exists because there aren't enough...
Resources to produce everyone's wants.
The federal income tax is designed to ensure that taxpayers with ______ taxable incomes pay a ______ percentage rate than do taxpayers with lower taxable incomes.
Higher, Larger
The Bureau of Labor Statistics provides key employment data, including the __________ _____
Unemployment Rate
What is the fee to borrow money called?
Interest
Make sure that any bank at which you open an account is a member of...
the Federal Deposit Insurance Corporation (FDIC)
People face __________ ______ when deciding between saving and spending their money because a person cannot spend and save the same dollar
Opportunity Costs
The __ _____ is used by employers to determine how much taxes to withhold from their employees.
W4 Form
A person’s level of education leads to ____ employment opportunities and ______ income potential.
More, Higher
If you have several credit cards, it is suggested to pay off the credit card with the smallest balance first because:
It saves money in interest.
__________________________________________
It gives you a feeling of victory to continue paying off other debts
When people don't pay their credit card balance in full each month, they must pay the ________ on the balance
Interest
People often resort to instant gratification and abandon saving because more weight is placed on _______ _____ than ________ _____.
Current Wants, Future Needs.
Employers provide the W2 form to notify their employees...
how much they paid in taxes for the year.
The number of unemployed as a percent of the total labor force is known as the ____________ ____.
Unemployment Rate
The key benefit of a _____ _________ _______ is that the withdrawals are tax free.
Roth Retirement Account
The average price of goods and services you buy increases over time...
is known as inflation.
______ ______ is all the knowledge and skills that people obtain through education, experience, and training.
Human Capital
Know the difference between the following 4 types of taxes:
Payroll Tax
Excise Tax
Property Tax
Sales Tax
Payroll Tax: Amount taken out of paycheck
Excise Tax: Amount of money owed to the state for owning and operating a motor vehicle
Property Tax: Amount of money owed for owning property
Sales Tax: Amount of money owed when purchasing products