Income
This type of income will be consistent no matter how many hours you work or pieces of product you create.
What is salary?
This tax group is used for people who are retired or disabled.
What is Social Security tax?
This is spending more money that you bring in.
What is a deficit?
To put money in your account.
What is a deposit or credit?
The amount of money that is earned from a savings account.
What is interest?
This type of income can be based off of your ability to sell items, you could have a minimum salary included.
What is commission?
This type of tax is used based on laws that have been passed dictating spending.
What is mandatory spending (FICA taxes)?
This type of expense doesn't change from month to month.
What is a fixed expense?
Ways to take money out of your checking account.
What is a check, a debit card, or transfer?
The frequency that interest is added into your savings account.
What is compounding?
The equation for piecework.
What is price per item x number of items produced?
The difference between Illinois and Indiana state tax.
What is graduated state tax (IN) and flat rate state tax (IL)?
This is 3-6 months of money set aside, just in case.
What is an emergency fund?
The drawbacks of a checking account.
Two similarities between savings and checking accounts.
What are keeping money safe/insured, able to deposit and withdraw money, receive account statements, etc?
The benefits of working for an hourly wage.
What are working longer will make more money, being in control of your hours, the ability to get overtime, etc?
The tax forms you should get when beginning work at a new job.
What are W-4 Form and I-9?
The type of income you should budget based off of.
What is net income?
The purpose of a bank statement.
What is to show your transactions, beginning and end balances, service fees, etc?
The most important factor when earning interest in a savings account.
What is time?
The purpose of graduated commission.
What is more money for the employer and employee through more sales of goods?
What is healthcare, military, and interest on national debt?
This type of budgeting method sets aside money into 3 types of spending groups.
What is 50/20/30 budgeting method? (50 needs, 20 savings, 30 wants)
At least 3 characteristics of online banks.
What are no physical building, higher interest rates, less person-to-person availability, more technology know-how needed, etc?
The items needed for opening a savings account.
What is a form of ID, proof of address, an adult (18+), your SSN, and an initial deposit?