Income
T/F Federal, Social Security, and Medicare are all types of taxes that get taken out of your pay check
True
What does PYF stand for?
Pay yourself first
Who says this famous quote "Kachow"
Lightning McQueen
An example of a financial institution is a....
Bank
What are short term goals
something that can be accomplished in less than a year
Who pays taxes
Everyone that has s job
False
In the Clurb....
We all Fam
T/F A bank is a not-for-profit financial institution
False
What are long term goals
Something that takes longer than a year to accomplish
What are taxes used for?
Improve roads, support government, pay retirement benefits, build schools, etc.
T/F Interest is the fee received for a use of money
True
This purple drink took over TikTok in 2023
Grimace Shake
Lenders use credit agencies to determine
a. an applicants credit score
b. an applicants credit history
c. Whether an applicant has any outstanding debt or defaults
d. All of the above
D. All of the above
When you are budgeting the first categories to consider are those that meet your....
needs
What are the 3 main types of taxes?
a. income, sales, and property
b. unemployment, sales, and property
c federal income, unemployment, and state
d. sales, property, and unemployment
a. Income, sales, and property
Protection against risk is the primary reason people purchase this type of policy
a. Auto Insurance
b. health insurance
c. home insurance
d. All of the above
D. All of the above
They know me as the Rizzler, I’m the....
Panther dressed in black
Define online banking
Electronic way to view account activity and pay bills through the internet.
What is Pay Yourself First (PYF)
putting money away every month for future use. (saving)
What are different sources of incomes a person can have and how does it affect their financial wellbeing.
Allowances, This gives you money to go out with your friends on the weekends
List at least 1 Pro and 1 Con of owning a health insurance policy
Pro: allows you to get regular medical care and medicine
Con: expensive
Name all 7 CONTINENTS
NORTH AMERICA
SOUTH AMERICA
ANTARCTICA
AFRICA
EUROPE
ASIA
OCEANIA/AUSTRALIA
List 1 advantage and 1 disadvantage of a credit card
Advantages: Credit cards are buy now, pay later
Disadvantages: Credit cards charge interest on unpaid balances
What are some ways stores get you to make an impulsive purchase and how can this ruin your budget.
Pricing promotions: sales, BOGO
Store Layout: Chocolate bars at check out, candy toys on bottom shelves so kids grab products
Product demonstrations: Samples
This can ruin your budget because you may not have enough money for the rest of your bills if you purchase a high ticket item on sale.