Vocab
a person or business that loans money?
Lender
Always spend over your budget? True or False
False
Paycheck Stub
A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, etc.
What security features do modern checks have to prevent fraud?
Microprinting, special ink, and fancy designs.
Formula to find budget?
I=PRT
total amount of income received from all sources before any taxes or deductions are taken out?
Gross income
What are the key components of budgeting?
Managing money, setting financial goals, creating a personal financial plan, increasing income, and decreasing spending.
Pay period?
How often you are paid
What are three services that banks provide?
ATMs for deposits and withdrawals, digital banking for money transfers, and safe deposit boxes for valuables.
What do the following letters stand for in the formula for interest? I=PRT
I: Interest P: Principal R: Rate T: Time
the total amount of money a worker takes home AFTER taxes and other deductions are withheld
Net income
What is values-based budgeting?
A budgeting approach that prioritizes income, savings, and spending decisions based on personal values.
April 15?
All tax returns must be sent to IRS
What are the potential advantages of using e-checks over paper checks?
E-checks are faster.
Find the interest: P: $5,000. R: 5% T: 4 Years?
$1,000.00
a yearly federal tax on a person's earnings?
Income tax
What are some reasons people neglect budgeting?
Avoidance of overspending awareness, belief that budgeting is only for financial trouble, and fear of revealing financial situations.
FICA Tax
Stands for: Federal Insurance Contributions Act
What is a checking account used for?
To manage day-to-day transactions and payments.
Paula deposited $10,000 into a savings account. The interest rate was 5.5%. How much interest will she have in 15 years?
$8250.00
money withheld from a worker's paycheck to fund federal programs such as Social Security and Medicare?
Payroll tax
How can you increase your savings according to budgeting principles?
By spending less and making informed financial decisions based on a budget.
What are TWO parts of a check?
The address, the name, the account number, the memo line, the pay to order line, the money written out, the signature line.
What is a safe deposit box?
A secure place in a bank to store valuable items, accessible only by the owner.
P: $2,400 R: 6% T: 20 Years?
$2,880.00