Financial Terms
Income on paycheck you receive AFTER taxes
What is Net Income?
Should be 1 page ideally. 2 pages at the most.
What is the number of pages your resume should be?
A form sent to employee by the end of January for the purpose of completing taxes
What is a W-2 form?
____ are for-profit institutions, while _____ _____ are non-profit
What is the difference between a bank and a credit union?
BONUS: What other ways are they different?
How long an investment will take to double.
What is the Rule of 72?
Services like the public library, police department, public schools that tax dollars pay for
What is Public Goods and Services?
An email that references your name
What is an appropriate email address?
April 15th
When are income tax returns due?
Keeping a close eye on the transactions in your checking account can also provide useful insights for how to budget your money. It helps to know exactly what your balance is to help control cash flow and reduce expenses
Why is it important to keep track of your checking account transactions?
Save 10% each month
How much of your net income should you save each month?
Tax form given to you by the employer stating your previous years wages (given by the end of January)
What is a W-2 Form?
Arrival time 15-20 minutes early
How early should you arrive to an interview?
Form tells the employer the correct amount of tax to withhold from an employee's paycheck
What is a W-4?
What fees are there?
What are the account requirements?
Where are your ATMs?
Are there withdrawal or transfer limits?
When is interest paid?
Are there penalties for closing the account early?
Can I write checks from this account?
What questions should you ask when shopping for a bank account?
_________ lowers risk of losing lots of money
What is Diversification?
An estimate of income and spending limits
What is a Budget?
Previous employers, teachers, colleagues, clients, NOT family members
Who can you use as a reference on your resume?
Social Security, Medicare, local taxes as seen on pay stubs
What deductions come out of each paycheck?
When you use a ______ card, the money is deducted from your checking account. With a _____ card, you're borrowing money to be repaid later.
What is the difference between a debit and credit card?
____-How safe your money is in an investment
____-Income returned on investment
What is safety and yield?
Form from employer to ID employee's tax bracket
What is a W-4?
Dress nicely, introduce yourself, firm handshake, good eye contact, concise answers, positive attitude, etc.
What does a good interview look like?
The _______ deductions lowers your income by one fixed amount.
_______ deductions are made up of a list of eligible expenses.
What is standard and itemized deductions?
An _____ _____ is the percentage of principal charged by the lender for the use of its money.
Hint: What they charge you for borrowing money.
What is an interest rate?
____=Based on principal amount and interest that accumulates every period
____=Based on principal amount of loan or deposit
What is how compound interest is different from simple interest?