Apply the rule of 72: Earning 8%, how many years will it take to double your money?
It would take 9 years to double your money at 8%.
What percent of your income should you try to save each month?
10%
Banks use this number to determine your credit worthiness.
Credit score
What is the easiest tax return to fill out?
1040
You are making a deposit at the bank today. You are depositing 8 quarters, 4 dimes, 11 pennies, a $10 bill, two $20 bills, and a $100 bill. You are also depositing two checks- one for $156 and another for $473. What is your total deposit?
$781.51
On November 29, 100 shares of Harley Davidson were purchased for $44.92 per share. What was the original amount invested in the HOG stock?
$4,492.00
__________ expenses are those expenses you are obligated to pay regardless of what is happening in your life right now.
Fixed
Define the term "Grace Period"
How long you have to pay off balance before interest is due
Why do taxpayers have to fill out a tax return each year?
What does it mean to reconcile your checkbook?
Verifying your true balance with bank through checking your register to your statement
John heard about this new company, Home Support, where people can have a computer technician come out to their home and show them how to set up and use their computer. Its stock is selling rapidly and the price is right. What are 2 ways that John can make money on this stock?
Selling shares for more than he bought it for (capital gains) and the company paying dividends when there are retained earnings.
Define the term variable expense.
Expenses that change month to month
You received your first Mastercard in the mail 6 months ago. Your credit limit is $1500, and your current balance is $350. During this past month, you charged $490.30 worth of purchases. What is your available credit?
$1500-$350-$490.30=$659.70
Sharon worked 15 hours at Subway these past two weeks earning $8.25 per hour. Sharon's deductions were the following; Federal Tax $8.40, State Tax $4.22, FICA $2.84. What was Sharon's net pay?
$108.29
What do we call transactions written in our check register, but didn't show up on our bank statement?
Outstanding
On November 29, 100 shares of Harley Davidson were purchased for $44.92 per share. You are looking to sell the stock at $49.43 a share. How much has been earned or lost on the sale of the HD stock using the selling price shown above?
$451 gain
Due to icy road conditions, you lose control of your car and hit the vehicle in front of you. The cost to repair your vehicle is $1,025. You have a $500 deductible. How much will your insurance carrier pay for the damage to your vehicle?
$525
What costs make up the finance charge?
Fees and interest
What are the two forms you have to fill out when you are hired for job?
I-9, W-4
In what ways are debit cards different from credit cards?
Credit cards are borrowed money and debit cards come out of your checking.
On November 29, 100 shares of Harley Davidson were purchased for $44.92 per share. You are looking to sell the stock at $49.43 a share. What is the rate of return on investment?
10.04%
Define the word budget.
A plan of spending (expenses) and income (saving)
Define the term APR AND what it means.
Annual Percentage Rate
Interest expressed as a yearly %
List the 5 types of payroll taxes.
Social security, medicare, federal, state, local
What is an advantage of using a debit card rather than credit card?
No debt