Getting Paid
What is a paystub?
Your receipt or record of what you were paid and what deductions/taxes were taken out
Name one bank.
Chase, Bank of America, Wells Fargo, U.S. Bank, etc
You're buying a drink that costs $1.99. Should you use a debit card or a credit card?
Debit card
Does Oregon have income tax?
Yes
What is biggest monthly expense for most people?
Housing (house, apartment, etc.)
What does YTD stand for?
Year to Date
Name two things you need to open a bank account.
Government ID, address, social security number, birthdate, cash deposit
What is the highest credit score you can have?
850
Who is responsible for completing your annual tax return?
You are!
Why is it important to track your expenses and your budget?
To make sure you are living within yours means, to make sure you can pay your bills, to see what you may be spending too much on, etc.
What is Gross Income?
The amount of money you make before taxes and deductions are taken out.
Gross Income - Deductions = Net Income
What is one difference between a bank and a credit union?
Banks are larger, credit unions are smaller, banks are usually nationwide, credit unions are local, etc.
Name something you might struggle with if you have a bad credit score.
Getting a loan (car, house, business, etc), getting a credit card, higher insurance costs, etc
What type of tax do 45 states have, but Oregon does not?
Sales tax
What percentage of your monthly income is suggested for your housing costs?
30%
What is Net Income?
The amount of money you get in your paycheck, the amount you're paid after taxes/deductions, take home pay
Gross Income - Deductions = Net Income
Name two differences between a checking account and a savings account?
Checking account uses a debit card or checks, you can get cashback, you can get money from an ATM, does not earn interest
Savings account earns interest, you must transfer the money to use it, limited number of transfers, minimum balance requirement
Explain credit card interest.
If you do not pay the entire balance of your credit card, you will be charged interest (a percentage) each month on that money.
What is one item that has a special tax?
Cigarettes, alcohol, marijuana
Name two things you have to pay for every month (besides housing).
Utilities, internet, phone service, car payment, car insurance, credit card or loan payments, etc.
What is the tax form you fill out when you get a new job?
W-4
Never bank anywhere that is not backed by the FDIC! What does FDIC stand for (at least two of the words)?
Federal Deposit Insurance Corporation
What are two things that can affect your credit score?
Loan payments, how long you've had credit, types of credit, how much credit you have, how much you're using
What is income tax?
The government takes a percentage of your wages to pay for government services.
Electricity, trash service, and water are all examples of what?
Utilities