TRUE or FALSE
Direct deposit, online payments, and ATMs are all examples of Electronic Funds Transfers.
What is ......
TRUE
An employee earns $16 per hour works 40 hours. What is the employee's gross pay?
What is .......
$640
This government organization protects the cash in your credit union account up to $250,000 if the bank fails.
What is ......
NCUA
A money market deposit account at an FDIC-insured bank can be protected by this agency, within applicable limits.
What is .......
FDIC
Saving money for a concert ticket next month is this type of goal.
What is ......
Short-term goal
The definition of an unemployed person is one whom is NOT actively seeking employment.
What is ......
FALSE
An employee earns $25 per hour. What is the overtime rate if overtime is paid at one and one-half times the regular rate?
What is ......
$37.50
This term refers to an account feature where the bank pays for a transaction that exceeds your available balance, usually charging a heavy fee.
What is ........
Overdraft Protection
Your savings account pays you interest while you sleep. This is an example of this type of income.
What is ........
Unearned Income
You want unlimited shoes, but you have limited money. This core economic problem is called...
What is ......
Scarcity
FDIC insurance protects the deposits of customers against lost up to $1,000,000 per account.
What is .......
FALSE
An employee's gross pay is $1,800, and they have $300 in federal taxes and $150 in state taxes. What is their net pay?
What is ......
$1,350
Unlike commercial banks, these member-owned financial institutions operate as non-profits.
What is .......
Credit Union
You inherit money from a relative. This is money received without earning it through a job.
What is .......
Inheritance
Financial experts suggest keeping 3 to 6 months of cash locked away in this special fund just in case your car breaks down.
What is .......
Emergency Fund
The standard employee payroll deduction rate for Medicare tax is 1.45% of gross wages.
What is .......
TRUE
Under U.S. law, if you work more than 40 hours in a single week, your employer must pay you this minimum multiplier rate for the extra hours.
What is ........
Time and a half or 1.5
Known as "The Fed," this central organization acts as the official bank of the U.S. government.
What is ...........
The Federal Reserve
Jada wants to save money she won't need for a year and wants a predictable interest rate. This savings option may be a good fit.
What is .......
Certificate of Deposit (CD)
Giving up sleeping in on Saturday morning so you can work a shift at Starbucks is an example of this.
What is .......
Trade-off
Unbanked households often pay higher fees to cash checks or purchase money orders compared to people with traditional checking accounts.
What is ......
TRUE
An employee earns $18 per hour and works 45 hours. What is the employee's gross pay?
What is ........
$855
The magic economic principle where you earn interest not just on your initial deposit, but also on the interest you've already accumulated over time.
What is .......
Compound Interest
A company distributes part of its profits to its shareholders. The payment is called this.
What is ........
Dividend
As inflation rises, this power of a dollar decreases, meaning it buys fewer goods and services than before.
What is .......
Purchasing Power