Banking
Identify 3 way you can make money RIGHT NOW.
Answers may vary
What is credit?
The system of borrowing and lending money
All of the following people can be claimed as a dependent for tax purposes EXCEPT…
A) A 23 year old college student whose parents pay all of their expenses
B)A 17 year old high school student with a part-time job whose parents pay for all of their expenses
C) A 20 year old college student with a paid internship who pays for all of their own expenses
D) A 25 year old cousin with no job who has lived in your parent/guardian’s house for the last yea
C
True/False: Online banking lets one view bank statements online 24/7
True
A type of savings account the provides tax advantages for retirement savings
Individual Retirement Account (IRA)
What is money called when it is placed in a bank account
deposit
List 3 factors of your credit score.
Credit History, Amount Owed, On-time payments, credit inquiries, and Types of credit
Only U.S. citizens can be claimed as a dependent for tax purposes.
False
What is a payment card that deducts money from the cardholders bank account when a transaction is made
debit card
An agency that supplies insurance to banks. (They keep your money safe if your bank gets robbed.)
FDIC
State the difference between a checking account and a savings account.
A checking account is used daily and a savings account is used to deposit money and earn interest.
Identify 3 Ways to improve your credit.
make on-time payments, keep debt to a minimum, be careful with your information
You are required to file a tax return in all of the following scenarios EXCEPT…
A) You made $25,000 working a full-time job
B) You made $3,000 from investments in the stock market
C) You made $9,000 working a part-time job
C
True/False: All checking accounts are free
False
Allows the user to conduct financial transactions through the internet.
Online Banking
Define what PIN stands for?
Personal Identification Number
Identify 3 ways that you can harm your credit.
victim of identity theft, late payments, high balance on credit cards, more
When filling out a W-4 form, in what situation would a teen want to claim exemption from federal income taxes being withheld from their paycheck?
They would want to claim exemption if they don’t expect to earn more than the minimum income threshold to file a tax return
True
A deficit in a bank account where there is more money taken than there is in the account.
Overdraft
Why do banks offer different types of accounts to their customers? Use 3-5 complete sentences.
Because customers have different needs based on their money situation.
Why does credit matter?
Answers may vary
What is the amount of the self-employment tax (SECA) and how does it compare to FICA taxes?
Name the card that lets you spend money and pay it back at the end of the month
Credit card
To sign a check or bill on the back and make it payable to the person listed on the check.
Endorse