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Colleges & Careers
Money Management
Banking and Credit
Auto and Housing Options
Insurance
100
Three college expenses that student loans typically cover.
What is tuition, room, and book expenses?
100
The amount of money your earn before payroll deductions.
What is gross pay?
100
Another name for "balancing your checkbook."
What is Reconciling?
100
Three costs associated with owning a car.
What is auto insurance, tolls/parking, maintenance, gasoline, loan payments, repairs?
100
Grouping together other people with the same time of risk is called this.
What is Risk Pooling?
200
Three transferable job skills.
What are communication, problem solving, teamwork, leading a group, keeping detailed records, meeting deadlines, etc?
200
Three examples of payroll taxes.
What is Social Security, Medicare, Federal Income, State Income, and Local Income?
200
Three services offered by banks.
What is savings accounts, loans, credit cards, debit/atm, online banking, automatic bill pay, safe deposit boxes, currency exchange, financial planning?
200
Explain how the length of an automobile loan affects the monthly car payment.
What is the longer the term of the loan the lower the monthly premium. *However over time the total cost of the car will be more because of the interest paid.
200
Bodily injury or property damage you have caused another person.
What is Liability?
300
Three tips for getting and keeping a job.
What is proofread your resume, present yourself professionally, make a good impression, use professional language (power words), dress for success?
300
Explain the difference between a W-4 and W-2 Form.
A W-4 is used by the employer to determine what about of income tax they should withhold from and employee's paycheck A W-2 is given to the employee by the employer at the end of January to provide wage and tax information needed for filing taxes.
300
Explain the differences and similarities of a credit card and a debit card.
What is Similar- Look the same and can used to purchase the same goods. Difference- Credit= Pay Later and Debit = Pay now
300
Advantage and Disadvantage of Renting Give one example of each.
A- Fixed Expense, Flexibility, More free time, Lower Insurance Costs D- More restrictions, Financial drawbacks, Limited Control
300
Payment to the insurance company for coverage.
What is the Premium?
400
FASFA stands for this.
What is Free Application for Federal Student Aid?
400
Your weekly gross pay is $612.85. You elect to put 10% of your gross pay into your retirement account. You also elect to give $5 per pay period to a charity. Your portion of the cost for health insurance is $23 per pay period. What is the total cost of these deductions.
What is $89.79? ($617.85 X .10= $61.79) ($61.79 + $5.00 + $23.00 = $89.79)
400
Give 3 methods of protecting yourself from Identity Theft.
Answers Vary.
400
Advantage and Disadvantage of Buying a Home Give one example of each.
A- Stability, freedom, investment value, tax advantages D - Unexpected expenses, Time spent on maintenance, reduced mobility
400
The amount the insured must pay before the insurance company pays.
What is Deductible?
500
Three types of loans available to college students.
What is Stafford, Perkins, and the PLUS loan?
500
You just accepted your first job and you will be earning $30,000 annually. With a gross income of $30,000 and a 25% tax deduction, what is your monthly net income?
What is $1,875? ($30,000 X .25 = $7,500) ($30,000 - $7,500 = $12,500 / 12 = $1,875)
500
Two types of credit and give an example of each.
What is Installment and Revolving Credit? Installment - Car Loan or Mortgage Revolving - Credit Card
500
Portion of purchase price that a buyer pays up front.
What is the Down Payment?
500
Six types of insurance coverage.
What is Life, Health, Disability, Homeowners, Renters, Auto?