Taxes
People pay this to support federal, state, and local governments.
What are Taxes?
This type of income is the payment of wages or salary.
What is a paycheck?
Money that is placed into your account.
What is a Deposit?
This is your plan for how your income will be spent.
What is a budget?
Groceries, new shoes, and rent will show as _________ in a bank account?
What are Debits?
Social Security and Medicare taxes are examples of what type of tax?
What are Payroll Taxes?
This is the total amount of money you earn before deductions are taken from your paycheck.
What is Gross Income?
This is the money that has been deposited into your account. It is a __________?
What is a Credit?
This is the amount of money you estimate spending each month.
When a credit is made to your account, it causes the amount to increase or decrease?
It will increase.
This tax is a percentage of the price of goods sold.
What is a Sales tax?
This is the money you receive or have left after deductions are taken from your paycheck.
What is Net Income?
This is the action of removing funds from your account.
What is a Withdrawal?
This is a cash flow statement or balance sheet that you receive each month showing debits and credits to your account.
What is a Financial Record?
Allowance, clothes, gas, paycheck, new phone, refund- Which items are debits, and which items are credits?
Credits: Allowance, paycheck, refund
Debits: clothes, gas, new phone
Granite countertops, hardwood floors, and a pool will most likely increase this tax.
What is Property Tax?
This is money earned from work or providing a service.
What is Income?
This money is readily available to you in your banking account.
What is an Available balance?
Why would someone choose not to use a credit card?
Debt is created, fees & interest are charged.
Your paycheck is considered to be a _______ to your bank account.
What is a Credit?
Brandon bought new tennis shoes on sale for $140.00, at check out, the shoes rang up at $148.20. What is the reason for the increase?
What is Sales Tax?
How do expenses and income impact a budget?
An expense is considered to be a debit and income is considered to be a credit to a budget.
This is the money that has been taken out of your account. It is called a _________.
What is a Debit?
About how much would be paid for a cell phone bill that cost $59.99 each month after 3 months?
About $180.00
Beginning Account Balance: $698.
What is the ending account balance after a debit of $200.00 and a credit of $164.00?
Ending balance of $ 662.00