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Taxes
Credit
Accounts & Investment
Personal Budget
Potpourri
100

"This percentage of your income is taken by the government to fund public services. It varies based on how much you earn."

What is a tax rate?

100

The charge for the privilege of borrowing money, typically expressed as a percentage rate.

What is interest?

100

These two types of accounts, maintained by commercial banks and credit unions, may or may not have associated fees, pay interest, or require minimum balances. Deposits and withdrawals are made directly from such accounts, often via bank tellers and ATMs.

What are checking and savings accounts?

100

A personal budget should account for these two line items.

What is income (revenue) and expenditure (expenses)?

100
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?
200

This tax applies the same tax rate across low-, middle- and high-income taxpayers.

What is a flat (or proportional) tax?

200

This interest rate, which factors in borrowing fees, must be divulged by lenders so that you may more easily compare rates.

Hint: It's usually calculated annually.

What is an annual percentage rate (APR)?

200

Low-risk investments generally yield a low rate of return. The converse of the above rule states this.


What is the greater the risk, the greater the reward (and the greater the chance of loss)?

200
This is the income received prior to taxes and deductions.
What is gross pay?
200
Currently, it amounts to $7.25/hr, though efforts are being made by the Obama Administration to raise it to approximately $10/hr.
What is the (federal) minimum wage?
300

"This type of tax is levied on the price of a product or service at the time of sale."

What is a sales tax?

300

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)?

300

The term that denotes the amount borrowed or the amount still owed on a loan, OR the original amount invested.

What is principal?

300
This is income after taxes and deductions.
What is net pay?
300
This tax withholding form is completed at the time of employment so that your employer can withhold the correct federal income tax from your pay. Tax deductions or allowances are made for children and other dependents.
What is a W-4?
400

"This term describes earnings that are not subject to payroll taxes, commonly used when talking about types of retirement accounts."

Hint: The money Ms. Amy and Mrs. Gitobu are putting away is tax....... and will pay taxes when they access it.

What is tax-deferred?

400

Something pledged as security for repayment of a loan (e.g. a house or car), to be forfeited in the event of a default.

Hint: If you needed to buy a car now your parent would need to be ..... so you can increase your trustworthiness.

What is collateral?

400
Interest calculated on the initial amount deposited or loaned and also on the accumulated interest of previous periods of a deposit or loan. It can be thought of as “interest on interest,” and will make a deposit or loan grow at a faster rate than simple interest.
What is compound(ed) interest?
400
These types of expenses remain unchanged from period to period. Examples include mortgage or rent, insurance, and, often, utilities.
What are fixed expenses?
400
This is maintained, either electronically or by hand, to account for deposits, withdrawals and other line items.
What is a bank register (or statement)?
500

"Issued annually by employers, this form reports an employee's annual wages and the amount of taxes withheld from their paycheck."

Hint: you need it to be able to file taxes....

What is a W-2 form?

500

In general, the longer the term of the loan, the higher this is.

What is the interest rate?

500

This "rule" is a simple, and relatively accurate way, to calculate (divide by rate) the amount of time it will take to double the value of an investment at a specified rate of return.

What is the "Rule of 72"?

500

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?

500

This insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

What is FDIC (Federal Deposit Insurance Corporation) insurance?