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Pay, Benefit, and Working Conditions
Federal Income Tax
Budgets and Financial Records
Checking Accounts
Saving: Starting Now!
100
A person is ________ when he or she is entitled to an account balance when employment is terminated
What is Vested.
100
Taxes that take a larger share of income as the amount of income grows.
What is Progressive Taxes.
100
The money you have left over to spend or save after taxes have been paid.
What is Disposable Income.
100
An account that allows you to deposit money for safekeeping is known as a what?
What is a Savings Account.
100
An emergency fund is...
What is money set aside for unexpected events.
200
A company allowance for full-time employees whereby they are paid even though the are absent for a set number of days is called ________
What is Sick Pay.
200
The stated amount that you may subtract from adjusted gross income instead of itemizing your deductions.
What is The Standard Deduction.
200
What are financial resources?
What are all of your sources of income.
200
The most common types of financial instituions are...
What are commercial banks.
200
What are three types of short-term purchases?
Piece of furniture, computer or stereo equipment, summer camp, bike or car, pet and pet supplies, college textbooks/materials
300
List five optional deductions you may elect to have withheld from your gross pay.
What is Interest income, divided income, unemployment compensation, social security benefits, child support, alimony.
300
When must taxes be filed by?
What is April 15.
300
When your assets are greater than your liabilities, you are said to be what?
What is Solvent.
300
List the functions of a checking account.
To withdraw money, pay a bill, or make purchases using checks.
300
What is one of the most common types of college loans?
What is a stafford loan.
400
How are labor unions funded? That is, who pays for the services they provide?
What is Its members.
400
True or False: Both child support and alimony are non-taxable.
What is False.
400
What is a new offer that has to be accepted or rejected by the first person?
What is a Counteroffer.
400
List the different types of financial transactions.
What is a deposit, withdrawal, debit, credit, transfer, and loan.
400
The different types of savings accounts are...
Regular savings account, certificate of deposit, money market account, savings bonds.
500
Explain the collective bargaining process.
What is Unions go on a “strike’ or refuse to work, to get employers to improve working conditions.
500
What are the five types of filing status?
What is a single person, a married person filing a joint return, a married person filing a separate return, "Head of Household", and qualifying widower.
500
To be legally binding, enforceable agreements, contracts must have what 6 elements?
What is agreement, consideration, contractual capacity, legality, genuine assent, legal form.
500
How did Checks and Debits have to be processed prior to 2004?
It had to go through the bank of the person or company it was written to, then on to a regional bank; and over to the consumer's bank to be processed- where the money would actually be taken out of the consumer's account.
500
The four steps to achieving savings goals are...
Set achievable goals, break down your goals into small amounts over a period of time, monitor your progress from start to finish, have a money mentor.