Budgeting Techniques (Ch.16.2)
Taxes
(Ch.16.3)
(Ch.16.3)
Banking Basics
(Ch.17.1)
(Ch.17.1)
Credit & Interest
(Ch.18.1–18.3)
(Ch.18.1–18.3)
Wild Card
(Any Chapter)
(Any Chapter)
100
A written plan for spending and saving money.
What is a budget?
100
This tax is taken from your paycheck.
What is income tax?
100
This institution accepts deposits and makes loans.
What is a commercial bank?
100
A written promise to repay a loan is called a ___.
What is a promissory note?
100
This function of management helps ensure the work is done according to plan.
What is controlling?
200
Expenses that change each month.
What are variable expenses?
200
Social Security and Medicare taxes are called ___.
What are payroll taxes?
200
This nonprofit institution is owned by its members.
What is a credit union?
200
This type of credit allows flexible payments and reuse.
What is revolving credit?
200
The main difference between a credit union and a commercial bank is this.
What is ownership (credit unions are member-owned, banks are for-profit)?
300
Expenses that remain the same monthly.
What are fixed expenses?
300
You pay this when you purchase items at a store.
What is sales tax?
300
This U.S. system oversees banking operations.
What is the Federal Reserve System?
300
This credit type involves fixed payments over time.
What is installment credit?
300
In budgeting, money set aside for emergencies or future use is often categorized as this.
What is savings?
400
The amount allocated for a category in a budget.
What is an allowance?
400
This tax is charged on large gifts or estates.
What is inheritance (or gift) tax?
400
This organization insures deposits up to $250,000.
What is the FDIC?
400
This is the total cost of credit including fees.
What is the finance charge?
400
This U.S. system helps control the money supply and stabilizes the economy.
What is the Federal Reserve System?
500
Money left over after expenses.
What is surplus?
500
This agency collects federal income taxes.
What is the IRS?
500
You can access cash using this machine.
What is an ATM?
500
The interest formula is I = ___.
What is P × R × T?
500
The marketing mix is made up of these four key components.
What are product, price, place, and promotion?
600
A SMART goal should be specific, measurable, and ___.
What is time-bound (or achievable)?
600
This form shows how much you earned and paid in taxes.
What is a W-2?
600
You write this to withdraw money from your account.
What is a check?
600
APR stands for ___.
What is Annual Percentage Rate?
600
When two or more people start a business and share liability, it is known as this.
What is a partnership?
700
Evaluating actual vs. budgeted expenses reveals this.
What is a budget variance?
700
FICA taxes fund these two programs.
What are Social Security and Medicare?
700
Money placed in a bank is called a ___.
What is a deposit?
700
This person agrees to repay a loan if the borrower doesn't.
What is a cosigner?
700
This tax is typically deducted from a paycheck and helps fund retirement benefits.
What is Social Security tax?
800
Recording income and expenses helps you stay within this.
What is your budget?
800
This tax helps fund public education and roads.
What are property taxes?
800
This is the cost of borrowing money.
What is interest?
800
This is the cost of borrowing money.
What is interest?
800
Credit that allows the borrower to make ongoing purchases up to a limit is called this.
What is revolving credit?
900
The percentage of income spent on needs, wants, and savings should be ___.
What is balanced (or planned)?
900
A tax refund happens when you ___.
What is overpay your taxes?
900
Banks use deposited money to make ___.
What are loans?
900
Banks use deposited money to make ___.
What are loans?
900
A consumer’s ability to repay debt is reflected in this rating.
What is a credit score or credit rating?
1000
Why is a budget useful for teens?
What is to plan savings and avoid debt?
1000
Filing taxes is usually done by this date each year.
What is April 15?
1000
This bank service helps pay for major purchases.
What is lending?
1000
This bank service helps pay for major purchases.
What is lending?
1000
The final step in the consumer decision-making process is this.
What is evaluating the decision?