Savings Account
Define Savings Account:
Define Checking Account:
What are Taxes?
Taxes are mandatory contributions levied on individuals or corporations by a government entity whether local, regional, or national.
What is a Down Payment?
Initial payment made when something is bought on credit.
What is a Landlord?
The person who owns the property and is renting it out.
What does CD stand for:
Certificate of Deposit
What does ATM stand for?
Automated Teller Machine
What is W-4?
A form that you fill out to provide the information your employer needs to determine the proper amount to withhold from your paycheck.
What is principal?
The money that is agreed to payback.
Define Mortgage:
A long term home loan.
What is Statement Savings?
Bank issues a monthly statement detailing your transactions.
What is a Balance?
The amount of money you have in your account.
What role does the IRS play?
The IRS role is to help the large majority of compliant taxpayers with the tax law.
What is a Warranty?
Written guarantee of a product and of the for any repairs or replacement of defective parts.
What should you consider when shopping for an apartment?
Your income, savings, and dept.
Marie Daggett went to her bank each week and opened a club account. She deposited $21.75 per time period. If she made 12 deposits before interest was credited, how much would she have deposited before interest was credited?
$261.00
What is Endorsement?
To sign your name on the back of a check in order to cash it or deposit it.
What does FICA stand for? What is it?
Federal Insurance Contributions Act, This is the law that requires workers to contribute to Social Security and Medicare.
Define Appraisal:
The current value of property.
About what percentage should your housing costs be?
30%
Tim worker went to his bank. He deposited $72.15 and the teller credited $5.79 to his account for interest. If Tim's initial balance was $1,226.14, what will his new balance be?
$1,304.08
What is a Reconciliation Form?
A form that helps you reconcile your account.
What is Social Security Number?
A unique code used by the government throughout your life to identify you as a taxpayer and keep track of your earnings and tax records.
What is Deprecation?
A decrease in value.
What is the difference between Buying and Renting?
Renting offers flexibility, predictable monthly expenses, and someone to handle repairs. Homeownership brings intangible benefits, such as a sense of stability and pride of ownership, along with the tangible ones of tax deductions and equity.