Paystubs
What does YTD stand for as it relates to your income?
YTD Year To Date
What does ATM stand for in the context of a way to access cash?
Automated Teller Machine (ATM)
Which federal agency provides deposit insurance coverage for banks?
Federal Deposit Insurance Corporation (FDIC)
This form is used to file your taxes. There is a lot of information to fill out.
1040
What product protects you from the risk of financial ruin after a negative event?
Insurance Policy
A wage and tax statement, annually provided by an employer
W-2
Tax Day (the last day to file your taxes) is normally on this date in April unless it falls on a holiday or weekend.
April 15th
A ________ represents a share in the ownership of a company
Stock
What financial institution is a non-profit organization and is owned by its members?
credit union
How much of your earning should you save every pay period?
20%
How often must the FAFSA be completed?
Yearly
Which formula is used to determine the net worth of an individual or household?
Assets - Liabilities = Net Worth
An individuals total earnings BEFORE taxes and deducations is called
Gross Pay
An individuals total earnings AFTER taxes and deducations is called
Net Pay
How much should you have in an emergency fund?
3-6 months of your income in savings
In the U.S., money is printed by the __________ of the federal government.
Department of the Treasury
What is an instrument used by the government or corporations to raise money by borrowing from investors?
Bonds
Who is the deadline for filing federal tax returns or to file an extension?
April 15th
A unique 9 digit number for each individual, used to track government benefits and for other identification purposes
Social Security Number
You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?
Your checking account.
Gordon worked a part-time job last year. It’s now January and he’s preparing to file his taxes. Briefly explain what he needs to do -- and when -- in order to file his taxes.
Wait for his employer to send him a Form W-2, by January 31st. Once he has his W-2, he can use the information to complete his tax return, either by filing electronically through tax software or by mailing a paper form to the IRS before the tax deadline, typically April 15th
Checking and savings are two commonly used bank accounts. Describe one difference between them and one scenario in which you should choose to use a checking account over a savings account.
A key difference between a checking and savings account is that a checking account is designed for everyday transactions and spending, while a savings account is meant to store money for future goals and typically earns interest, making a checking account the better choice when you need to access funds quickly for regular expenses like paying bills or buying groceries
Name largest and oldest stock exchange in the US.
NYSE (New York Stock Exchange)
What US agency collects taxes? Give the full answer no acrynyms?
IRS or Internal Revenue Service
What rule do you follow for budgeting and what does each stand for?
50/30/20 budgeting
50% exoenses/needs
30% wants
20% savings