Saving
What do the initials CD stand for?
What is certificate of deposit
Explain the differences between a Debit Card and a Credit Card.
Debit Card -Buy now, pay now. -No interest charged. Money is immediately taken out of your account.
Credit Card -Buy now, pay later. Interest is charged. You are billed monthly for money that is borrowed, plus interest and fees.
A plan for spending and saving money during a particular period is called ?
A budget
What is a grace period?
What is the time permitted for paying an account without penalty fees.
Sarah has a bank account that charges $2 for nonbank ATM withdrawals. Last month, Sarah paid $12 in ATM fees. How many nonbank ATM withdrawals did she make?
6 withdrawals
Examples of accounts at a financial institution that allows for withdrawals and deposits
What is a checking or savings account
True or False
All employees pay into Social Security and Medicare
What is true
True or False
Under the new minimum wage law, you can advise your employer you will pay federal and state taxes when you retire and not have them deducted while you are working?
What is false?
What type of taxes do you pay on your car?
What is personal property taxes?
A person, other than the principal borrower, who signs for a loan and assumes equal liability ?
What is a cosigner
You save $175 each pay by depositing money into your savings. You are paid twice monthly. How much will you have at the end of (3) months?
What is $1,050
What is the 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
You may want to avoid this because this kind of business charges a large fee to exchange your check for cash
What is a Check Cashing Business
This contains detailed information on a person's credit history.
What is a credit report
Lucia will go to a college where the cost for one year is $20,000. She received a grant worth $5,000, and she earns $1,000 per year at her job. How much will she need to borrow to cover the remaining cost for one year?
What is $14,000
You can deposit your money at your financial institution through cash, check or bank transfer and it safely earns interest while it is in your account.
How do savings accounts work?
George earns $40,000 a year. He received a salary increase of $12,000. His income increase by what percent?
What is 30%.
List two conveniences associated with Online, App, or Mobile Banking.
Possible answers:
Available 24/7 -Provides an update statement and nearly real time account activity. -You can pay your bills online. -
Makes it easy to transfer funds between accounts. -Transactions process quickly.
Mark has $54.78 in his checking account and needs to buy new basketball shoes before the game. The shoes will cost $80. What type of card could he use?
A credit card because the cost of the purchase is more than he has in his account.
Clarence is going to community college and workforce program where the cost is $10,000. He has a scholarship worth $5,000 and he earns $500 a week at his job. How many weeks does he need to work to pay the remaining cost of tuition?
What is 10 weeks