Banking Basics
This numerical code is used for electronic financial transactions and is most commonly referred by the acronym "PIN".
What is a Personal Identification Number?
The earliest you can submit this form is on October 1st of each year.
What is FAFSA?
This is referred to as time worked beyond the regular
hours.
What is Overtime?
The government uses this to pay for goods and services provided to United States (military, building roads/bridges, etc.)
What is tax money?
This is a person who relies on another as a primary source of income.
What is a Dependent?
This payment method allows you to make electronic purchases from your checking account.
What is a Debit Card?
These type of loans are based on need and are available to undergraduates.
What are Subsidized Loans?
This can be calculated by multiplying your overtime hours worked with your overtime pay rate.
What is Overtime Pay Earned?
This form tells you how much taxes you’ve paid and how much you’ve earned in the last year.
What is a W-2 Form?
This part of the check writing process is optional, but is helpful for knowing why you wrote the check.
What is Memo?
This is when you send money directly to another person via the internet.
What is a P2P?
This is a tax-free savings plan that can be started as soon as someone is born.
What is a 529 Plan?
This pay period occurs 24 times in one calendar year.
What is Semi-Monthly? (Twice a month)
These can reduce how much you owe in taxes each year.
What are Deductions and/or Credits?
This is the oldest and largest business organization for high school students and is referred by the acronym "FBLA".
What is the Future Business Leaders of America?
The first range of numbers at the bottom of a check used to identify where the checking account was opened.
What is a Routing Number?
This type of federal funding is free money, but is based on financial need only.
What are Federal Grants?
This plan allows employees
to receive a portion of the company’s profits at
the end of the corporate year.
What is Profit Sharing? (incentive pay)
(DAILY DOUBLE!!!!!!!!!!) This deduction refers to a specific dollar amount that lowers the amount of income on which you're taxed.
What are Standardized Taxes?
(DAILY DOUBLE!!!!!!!!!!)This is a one-page business letter that you submit when applying to a job.
What is a Cover Letter?
(DAILY DOUBLE!!!!!!!!!!) This type of savings account offers a higher interest rate compared to a traditional savings.
What is a Money Market Account?
These type of loans are available for those with and without financial need.
What are Unsubsidized Loans?
This tax is the sum of 12.4% for Social Security Tax and 2.9% for Medicare Tax paid by people who work for themselves.
What is Self Employment Tax?
This can help you prepare and file your taxes by posing questions to collect necessary information.
What is Tax Preparation Software?
This happens when you spend more money than you have available in your account and the Bank pays your transaction.
What is an Overdraft?