Taxes
Pay Stubs
Banks
Credit
Budgeting
100
How do states utilize the money collected from taxes?
Education, roads, and the community.
100
What is the difference between gross and net pay?
Gross is before taxes, while net is after.
100
Name two of the four different types of financial institutions?
Check-Cashing Store, Payday Loan Store, Bank, Credit Union.
100
The cost of credit expressed as a yearly interest rate is?
Annual Percentage Rate (APR).
100
The most common method of budgeting is the 50/30/20 method. What does each number represent?
50% Needs
30% Wants
20% Savings
200
When do you begin to pay income taxes?
When you make more than the minimum requirement.
200
What is a deduction on a paystub?
Money that is taken out of your paystub, like taxes and retirement.
200
What is one reason to keep money in a bank account?
Money is safe, money can be accessed faster / easier, money can be tracked, etc.
200
True/False: Opening many new credit accounts will increase your credit score.
True.
200
Zero-based budgeting involves making sure every dollar is accounted for month-to-month. How is this beneficial?
Provides a better insight to monthly expenses and spending.
300
How much social security tax was withheld from this individual according to their W-2?
$1,725.89
300
How much is taken out of John Doe's paystub for Parking?
$0
300
This is the name for when there is a deficit in a bank account caused by drawing more money than the account holds?
Overdraft.
300
How can a credit card be an important financial tool?
Building credit history, paying for emergency expenses, providing an option with no cash, offering certain consumer protections, etc.
300
A "cellphone bill" would be considered a (fixed/variable) expense?
Fixed.
400
You break your leg after a cheer competition gone wrong. Which type of insurance would you need?
Health / Medical Insurance
400
Daily Double!
The calendar days included in the pay check.
400
What is one risk to consider when investing money?
You could lose it all.
400
How do you know if you have "good" credit?
When requesting a credit report from a credit reporting agency, > 700 = good.
400
What is an example of a "recurring" expense?
Groceries, gas, eating out, etc.
500
Where do a majority of federal taxes go towards?
Medicare, Social Security, and Defense.
500
What is the difference between John's Gross Pay vs his Net Pay ($$)?
$32
500
How much of your money is insured when saved in a bank account?
Up to $250,000.
500
A number expressed based on an analysis of a person's credit files?
Credit Score
500
When budgeting and planning with roommates, what is another factor to consider besides just financial.
Cleaning, visitors, cooking, room size, etc.