Banking
Account used for everyday spending and transactions
Checking Account
% of money that goes towards SAVINGS
20%
Total earnings BEFORE taxes
Gross Pay
Money taken out of your paycheck when you start earningmoney from your job.
Income Tax
Provide the definition of a loan
A thing that is borrowed, especially a sum of money that is expected to be paid back with interest
Account used for storing money long term and earning interest
Savings Account
% of money that goes towards WANTS
30%
Total earnings AFTER taxes
Net Pay / Take Home Pay
Extra money you pay when you buy something at a store
Sales Tax
Amount of money you borrow
Principal
% of money you earn on the original amount saved
Simple Interest
% of money that goes towards NEEDS
50%
This section lists what has been taken out of your paycheck
Money taken from paychecks to support programs like Social Security and Medicare
Payroll Tax
Fee for borrowing money
Interest
% of money earned on original amount AND previous interest
Compound Interest
Why is it important to to have and stick to a budget?
To avoid OVERSPENDING
Provide ONE example of a deduction
Federal Taxes, Social Security, Medicare, State Taxes
This money pays for federal programs like Food Stamps, HealthInsurance, and Income-Based Housing
Mandatory Spending
The time you have to pay your loan back
Loan Term
Provide ONE section of a check
Payee, Check Amount, Date, Check Number, Memo, Banking Number, Account Number, Signature
What does "YTD" stand for?
Year To Date
This money focuses on the Military, Education, and AssistancePrograms
This money focuses on the Military, Education, and Assistance Programs
Provide ONE example of a loan
Car Loan, Student Loan, Mortgage, Personal Loan