Show:
Depository Institutions
Taxes
Financial Position
Income & Expense Statement
Spending Plan
100
What are the differences between banks and credit unions?
Banks are for-profit, credit unions are not. Banks are open to everyone, credit unions have membership requirements.
100
Payroll taxes are paid on earned AND unearned income. True or false?
False
100
What is NOT an asset?
Income you have not been paid yet
100
What are some examples of contractual expenses?
Phone bill, internet, cable, rent, car payment
100
Your expenses should never exceed what?
Income
200
What is the insurance limit per account holder per account for banks and credit unions?
$250,000
200
Who does Medicare help?
Senior citizens
200
How do you calculate net worth?
Assets - Liabilities
200
Expenses that you can easily cut out or decrease because you don't have a contract to pay a set amount every month are called what?
Non-contractual expenses
200
What is the FIRST step to making a spending plan?
Making an income & expense statement
300
What are some fees that might be charged by depository institutions?
Overdraft fees, ATM fees, minimum balance fees
300
Taxes on gas and hotel rooms are called...?
Excise taxes
300
What can you do to increase your net worth?
Increase assets Decrease liabilities
300
What are some examples of expenses for an income and expense statement?
Tax money deducted from paychecks, money put into an emergency fund, car payment
300
When is your spending plan complete?
Never, you have to constantly adjust it because the situation is constantly changing.
400
If you accidentally withdraw $20 from an account that only had $10 in it, what will happen?
The bank will charge you an overdraft fee
400
The property tax is equal in every state. True or false?
False
400
What is the better indicator of wealth? Net worth or income?
Net worth
400
If you have plenty of money left over each month to put in savings or to spend on entertainment, what is that called?
Net gain
400
What are some examples of non-contractual expenses?
Movies, food, gas
500
If you want to save money for a big purchase, what is the best bank account to open?
A savings account with a high interest rate
500
How much is sales tac typically?
6.75%
500
What is the balance on your credit card an example of?
A liability
500
Savings account interest, money from family and government assistance are all forms of what?
Income
500
What is another term for a spending plan?
A budget