Checking Accounts
If you needed $100 in cash, how would you quickly get it?
Use an ATM!
What is insurance?
A way to transfer risk and avoid costly emergencies!
What are taxes?
A financial charge imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
In Budgeting, what are Needs and Wants?
Needs: Purchases in your budget that you need for survival.
Wants: Purchases in your budget that you do not need, but make life more comfortable.
Every budget is made up of wants and needs. The hard part of budgeting is balancing the two!
How do you find the percentage of something? Like 10% of 20?
10% of 20
.10 x 20 = 2
What is an overdraft fee?
What a bank charges you any time you withdraw more money from your account than what you have in it.
What is an insurance premium?
The monthly payments to your insurance company to ensure coverage if you need to use the insurance.
Name TWO kinds of taxes we pay
Sales Tax
Travel Tax
Inheritance/Estate Tax
-Sin Tax
-Capital Gains Tax
-Income Tax
-Payroll Tax
-Property Tax
What is a "spending category" in a budget?
A spending category is a summary area of expenses within the budget. For example, you may have a housing spending category, and within that categoy you could have rent, utilities, internet, and cable.
You buy a pizza for $16.00. The sales tax is 3%. How much will your pizza be after including the sales tax?
$16.48
What is an out-of-network ATM fee?
A fee you must pay (generally between $2 and $5) when using an ATM that is not associated with your bank.
What is a deductible
The amount of money you will have to pay out of pocket before your insurance kicks in.
What is the difference between Federal and State Taxes?
Federal taxes are imposed on all U.S. taxpayers, and State taxes are taxes are imposed only on those living and or working in a state.
What is the first step you should take if you want to start budgeting?
Record your expenses for a few weeks.
What is 54% of 98?
$52.92
True or False: You can earn interest if you open a savings account.
True!
Opening a savings account alongside your checking account is a great idea! Savings accounts yeild a small amount of interest each year, which means you earn money for saving!
True or False: It is illegal NOT to have health insurance in the state of Massasschusetts?
True!
In the state of Massachusetts it is illegal for you NOT to have health insurance. If you do not have health insurance you will pay a fine that is imposed to you when you are paying income taxes!
What are income taxes?
Taxes imposed on your income also known as deductions. You see these deductions on your paycheck and can include thinkgs like Social Security and Medicare.
What is the 50/30/20 approach to budgeting?
In the 50/30/20 budgeting approach, you divide your income into three categories; 50% Needs, 30% wants, and 20% savings.
How would I find 32% of 22?
.32 x 22 =
What is an excessive transaction fee?
An excess transaction fee happens when account holders withdraw over the federal limit, which is six free withdrawals and transfers per month.
What is Actuarial Value?
Remember Bronze, Silver, Gold, and Platinum insurance plans. The metal type does not symbolize the quality of your healthcare, but instead it represents the actuarial value.
The actuarial value is the % of costs your health insurer will cover in that year. For example, a Bronze plan may cover 30% of costs while a Gold plan would cover 60%.
What is the name of the income tax form that must be filled out every year?
1040 form
What is the difference between saving and investing?
Saving is putting money into easily accessible accounts for short-term savings goals, like buying a bike or something further down the road like a car!
Investing is the process of buying assets that increase in value over time for long-term savings goals like retirement.
Your friend Amy bought you and four friends (Six total) matching shirts online. The shirts were 67% off the original price of 32.99.
How much does one t-shirt cost after you apply the discount?
How much will Amy spend on the six t-shirts in all?
Price of one shirt: $22.10
Total Cost: $132.62