Ch. 8
Employment classification
Full-Time, Part-time, temporary, contract
What is the first thing you start with when planning a budget?
Estimation of Income
Name a type of credit
loan credit
APR
Annual percentage rate
What is minimum wage?
$8.25
Name a benefit
Insurance
What is the second thing you do when creating a budget?
Estimate your expenses
Name a type of credit
Sales credit
What is credit
Using someone else money with an agreement to pay back.
What to look for in taxes
deductions, credits, exemptions
Name the types of pay.
salary, hourly wage, commission, and tips
What adjustments do you have to make in a budget?
spend less, spend differently, spend better
What are the three Cs?
character, capital, capacity
what is a debtor
buying on credit or receives a loan
Name specific benefits
Holidays, sick leave, company car
minimum wage, equal pay, overtime
Name 3 forms of Identification
Drivers license, Social Security, Birth certificate
Name the order that business have to think about to get started.
Start up cost, expansion, bridge gaps
What is character
how willing you are pay a debt on time
What percentage of consumers have a credit card
72%
What is the difference between W-4 and W-2?
W-4 is filled out when you start a job.
W-2 is receives in January for taxes.
Name something you would have to adapt to change
Marriage, parenthood
What are the two parties involved with credit
Creditor and debtor
What is finance charge
Amount charged to the account for holding a balance
What is the credit score range
300-850