Taxes
What are taxes?
Money's taken from your paycheck to pay for government funds.
What is a budget?
A plan that outlines how you will spend and save your money
What is a check?
An order to pay money from your checking account to a person or business.
What is a credit card?
A plastic card that allows you to make purchases with money you borrowed from the bank who owns the card.
What is a savings account?
A bank account to put money into that is used later for large purchases or emergencies.
What is a deduction?
Fee taken out of your paycheck.
What is the gross pay?
What you earn before deductions
What is a bank deposit?
Putting money into a checking or savings account.
What is a debit card?
A check card. The money comes out directly from your checking account.
What is a passbook?
A record of all the deposits and deductions taken from a savings account.
What is the most popular percent taken out of a persons paycheck for federal taxes?
25%
What is Net Pay?
What you bring home after deductions.
What is a checkbook register?
A record of checks and deposits made into a checking account.
What is a transaction?
Banking Business, such as withdrawal or a deposit
What does ATM stand for?
Automated Teller Machine
What 3 taxes are deductions for your paycheck. (These are mandatory)
FICA, FEDERAL and STATE
What is hourly pay?
What you are getting paid per hour.
What is a deposit slip?
A paper you fill out to show how much money (Checks and cash) you are depositing into an account.
What is an APR?
Annula Percentage Rate
What does PIN stand for?
Personalized Identification Number
What Percent is taken out for FICA (Social Security)?
.062 %
What is a persons hourly wage if they make $15 an hour but work overtime of 1.5 per hour?
$22.50
$15 + $7.50 = $22.50
What happens if you take less cash when making a deposit?
You receive money back.
What is interest?
The amount of money you will pay for borrowing money.
What is a service charge?
Money charged by the bank for a service.