Earn
A tax on wages or salary (amount earned) paid to both state and federal governments.
What is income tax?
The percentage paid to a lender for the use of borrowed money.
What is interest?
A typically suggested percentage of income you should be saving.
What is 10%?
A United States federal tax form issued by employers stating how much an employee was paid in a year. It is submitted to the IRS along with your tax return.
What is a W-2?
Job pay is based on ___ and skills required for the job.
What is education?
This type of debt has higher interest rates and can change suddenly, especially after late payments.
What is credit card debt?
A budgeting strategy that means always saving part of the money you get.
What is paying yourself first?
When moving into a new apartment, landlords will often require a ___ plus the first month's rent, upfront.
What is a deposit?
The term used to describe total pay minus deductions
What is net income?
A record (accompanied by a rating) of a consumer's ability to repay debts and demonstrated responsibility in repaying debts.
What is credit history (or credit report)?
An interest-bearing deposit account held at a bank or other financial institution that provides a small interest rate.
What is a savings account?
What is a retirement savings plan?
Name two deductions that are taken out of your paycheck?
What is a___?
- Social Security tax; State tax; Federal tax; Medicare; Retirement savings
Name two things that determine your credit score and are on your credit report.
How many credit cards (or loans) you have; how many inquiries you have into your credit; your length of credit; if you pay your bills on time
Resisting a temptation for an immediate reward and waiting for a later reward.
What is delayed gratification?
These types of expenses remain unchanged from period to period. Examples include mortgage or rent, insurance, and, often, utilities.
What are fixed expenses?
The five criteria used to guide goal setting, typically referred to with an acronym.
Specefic
Measurable
Attainable
Realistic
Time-bound
An automatic deposit of net pay to an employee's designated bank account.
What is a direct deposit?
Lenders commonly review this to evaluate your debt load.
What is debt-to-income ratio?
User-owned, nonprofit institutions that provide comprehensive financial services that often have lower fees.
What are credit unions?
These types of expenses fluctuate or change from period to period. Examples include personal entertainment or travel costs, and other discretionary items.
What are variable expenses?
The maximum possible credit score
What is 850?