Needs vs. Wants
Is food a need or a want?
Need
What form shows how much you earned this pay period?
Pay stub
What card pulls money directly from your bank?
Debit card
What is a budget?
A plan for managing money or a "spending plan"
What is the money you earn from working?
Income
Is a phone a need or want?
Want
What is gross pay?
Pay before taxes and deductions
What card allows you to buy now / pay later?
Credit card
What is the 50/30/20 rule used for?
Needs/Wants/Savings or Budgeting income
What do we call money you owe to someone else?
Debt
What’s the difference between a need and a want?
Need = essential or needed to survive
Want = not necessary
What is the purpose of tax form I9?
To make sure an employee can legally work in the United States.
Which card is directly tied to your credit score?
Credit card
Why is saving important?
For emergencies and future needs or "Rainy Day Funds"
What is the term for a written order to pay a specific amount of money?
Check
Is gas for your car a "true" need according to previous readings?
No
What’s the difference between W-4 and W-2?
W-4 = tax withholding setup; W-2 = yearly earnings report
One pro and one con of using a credit card?
Pro – builds credit; Con – risk of debt
What’s the difference between short-term and long-term goals?
The time you have to achieve them.
What is interest?
The cost of borrowing money
This term describes goods or services that improve quality of life but are not necessary for survival.
Wants
This deduction funds federal benefits for retirees, the disabled, and survivors.
FICA? - FICA stands for Federal Insurance Contributions Act
What is one way to use a credit card responsibly and avoid interest?
Pay the full balance each month
How does examine your check stub help with savings?
To ensure you are being paid correctly and saving the correct amount.
What is net income?
Income after taxes and deductions or "Take Home Pay"