Term
| Expenses that have a set dollar amount each month. |
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Definition
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Term
| Amounts subtracted from your gross income. |
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Definition
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Term
| Any money spent or given away. |
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Definition
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Term
| True or False: A personal budget should be planned for a specific period of time. |
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Definition
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Term
| True or False: When the costs of a service outweigh it's benefits, it is a good purchase. |
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Definition
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Term
Which of the following could not be considered an income"
a. a paycheck
b. an allowance
c. interest paid on a loan
d. interest received on a savings account |
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Definition
| c. interest paid on a loan. |
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Term
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Definition
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Term
| Money taken out by an employer to pay for taxes, health insurance, etc. |
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Definition
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Term
| What is the purpose of a budget? |
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Definition
| To track and manage your money during a given period of time. It helps you to achieve your goals and to make clear, planned decisions on the best way to spend your money. |
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Term
| A fee fir federal government programs paid to the IRS. |
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Definition
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Term
| Fees placed on income, property, or goods to support government programs. |
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Definition
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Term
| What is cost / benefit analysis? |
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Definition
| Choosing between benefits to make the best choce. (Determine wants and needs- does the product meet them?) |
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Term
| Savings accounts, ATMs, & quick check accounts are all examples of ___________. |
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Definition
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Term
| What is a minimum balance? |
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Definition
| Some banks require a certain amount of money in it at all times. |
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Term
| What is an annual or monthly fee? |
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Definition
| A fee charged for having the account. |
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Term
| This was established under the FICA act, it benefits old age, survivors, and those on disability. |
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Definition
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Term
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Definition
| The Federal Insurance Contributions Act. |
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Term
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Definition
| Your take home pay after all deductions. |
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Term
| What does Medicare Tax do? |
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Definition
| It funds hospital insurance programs and pays health benefits to the elderly and disabled. |
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Term
| Ebay, internet auctions, coupons, and wholesale clubs are examples of _______________. |
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Definition
| Ways to stretch your dollars. |
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Term
| Finding the best deal includes: |
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Definition
Shopping around
Using the experiences of family and friends
Reading the fine print
Reviews
Consumer reports
Product guides |
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Term
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Definition
| A fee for going to an ATM outside of your institution. |
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Term
| List the three steps to the envelope system. |
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Definition
label the envelope for each spending category
place the planned amount of money in each envelope
when you need to spend the money, spend only the money in that envelope |
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Term
| What is overdraft protection? |
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Definition
| If you write a check for more money than you have in your account, your bank may honor the check (let you overdraw more money than you have) and charge you a fee for doing so. It is a short term loan to cover the check. |
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Term
| Name four records you will want to keep.(Possible 7) |
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Definition
checking account statements
savigns and investments
insurance records
tax documents (W-2s, Form 1040)
pay stubs
loan papers
big ticket item reciepts and warranties |
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Term
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Definition
| To allow the employer to withold ffederal income taxes from the employee's wages. |
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Term
| What is the purpose of a W-2? |
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Definition
| To itemize how much money was earned by an employee and how much was witheld and sent to the IRS. |
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Term
Which of the following could be called an expense?
a. payment on a bank loan
b. interest received from a savings account
c. an allowance
d. a paycheck |
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Definition
| a. payment on a bank loan. |
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Term
| What are two types of expenses? |
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Definition
| Variable expenses and fixed expenses. |
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Term
| If an employee makes a gross income of $240, and brings home a net income of $192, what was the total of his deductions for that pay period? |
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Definition
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