Banking
A financial institution that accepts deposits from the public.
A Bank
name 3 needs we all should have.
food, housing/shelter, clothing
This part of a budget includes money set aside for emergencies or future goals.
What is savings?
Name 2 items that would go on your budget under Monthly bills
Rent
Insurance
Cellphone plan
Car note
Name 2 things that are funded by the government for your use.
Education
Parks and Recreation
Roads
Money you borrow from the bank
A Loan
Name two things you should consider when making a budget?
Needs and Wants
Income
Expenses
Another word for the money you are making. This can be through work, investing, etc.
Income
Who pays income tax to the US government?
Anyone who earns income, we do!
Name 2 services that your family may use that are funded by taxes
Education
Food Stamps
Medicare/Medicaid
A card issued by the bank that contains the earnings you make.
Debit Card
Name 2 ways to improve your financial literacy.
Start budgeting, read about finances, take a personal finance class, set financial goals
What is the difference between Gross Pay and Net Pay.
Gross Pay how much you earn
Net Pay how much you get paid after deductions and taxes.
What would you say to your friend who just got a job and received his first paycheck, he states why is so much money taken out for federal taxes?
Money which the government uses to run our country, pay for .......
Name 3 programs which is paid with Mandatory funds.
social security
medicare
Medicaid-public aid, food stamps
A document you receive after working or selling something that requests money from another account.
A check.
What taxes are taken out of my gross paycheck in Mississippi?
There are 4, list at least 2*
Federal Income Tax, State Income Tax, Medicare Tax, Social Security Tax,
All the following are considered wants EXCEPT: a new sweater, Netflix subscription, eating at your favorite restaurant, electric and gas
Electric and Gas
If you make $400 each week and there are 4 weeks in the month, how much do you earn each month? Your expenses are $1300 each month. How much does this leave you for additional spending or to put into savings?
$400 X 4 = $1600
$1600 - $1300= 300
Name 1 program the federal government pays with the discretionary funds.
Defense- army, navy, marines, etc.
Veterans assistance- medical, education
Education- pell grants, schools
Budgeting is a basic but important yet powerful tool.
It helps you understand and track what?
how much you earn (income), and how you spend it (expenses)
Name 1 thing you might consider a need yet I (Mrs. Mayfield) might consider a want?
Cell phone
What should your credit card balance be by the end of the month?
It should be $0.00 by the end of the month.
What program does the federal government spend the least on?
Sciences - science research and space flight
Why is our federal government in debt?
Borrowing monies and interest owed