personal finance. what is a demand deposit in a bank on which checks are drawn? checking account
DESCRIPTION
WHAT IS THE INTERNAL REVENUE SERVICE CALLED IRS OR UNCLE SAM!TRANSCRIPT
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PERSONAL FINANCE
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WHAT IS A DEMAND DEPOSIT IN A BANK ON WHICH CHECKS
ARE DRAWN?
CHECKING ACCOUNT
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WHAT IS THE INTERNAL REVENUE
SERVICE CALLED
IRS OR UNCLE SAM!
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STAYS ON YOUR CREDIT REPORT FOR
10 YEARSA.BANKRUPTCYB.FINANCINGC.SIGNIFICANT PURCHASED.CREDIT BUREAUS
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YOUR MONTHLY BUDGET SHOULD
INCLUDE:A.FIXED EXPENSESB.VARIABLE EXPENSESC.MONEY TO BLOWD.ALL OF THE ABOVE
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BUYING USED CARS IS A GOOD WAY TO
MINIMIZE DEPRECIATION
A.TRUEB.FALSE
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DOES A HOUSE APPRECIATE OR
DEPRECIATE?
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➢ Persons claimed that reduce the amount of tax withheld from your paycheck.● ALLOWANCES
➢ When you report to work, you will be asked to fill out a form declaring how many allowances you are going to claim. What is that form called?● W-4
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WHEN DEMAND FOR A PRODUCT INCREASES BECAUSE EVERYONE WANTS THE NEW TRENDY PHONE CASE FASTER THAN THE COMPANY CAN MAKE THE CASES, THE PRICE OF THE CASE MAY _______________
INCREASE
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➢ If you do not have to have ANY federal income tax withheld from your income you are _________________.● EXEMPT
➢A social insurance program that covers the nation’s workforce. It provides retirement, disability and survivor benefits to those qualified.● SOCIAL SECURITY
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➢ Lists income that you received during the year and all the amounts withheld from your paycheck. Mailed to you by your employer.● W-2 Form
➢ When do you have to have your federal income tax return filed by?● APRIL 15th
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➢The legally established lower limit on wages that employers must pay. ● MINIMUM WAGE
➢Number of hours in the standard work week. ● 40 HOURS
➢Employers must pay hourly employees extra money for working more than 40 hours. That rate is:● 1 ½ TIMES THEIR REGULAR PAY RATE
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➢The total pay before any deductions are made is known as● GROSS PAY
➢ _________________ is defined as hours worked beyond regular hours.● OVERTIME
➢Amounts subtracted from your gross pay:● DEDUCTIONS
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➢The amount left when all the deductions are subtracted from your gross pay:● NET PAY
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➢ Largest source of government revenue is:● INCOME TAX
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➢ QUESTION: A plan for spending and saving money
■ ANSWER:
■ Budget
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How often should one make a written budget?
Monthly
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Should your budget = 0
Yes, zero based budget
Give every $ a name
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Your monthly budget should include?
fixed expensesvariable expensesmoney to blowNEED TO GIVE EVERY DOLLAR A NAME!
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WHAT ARE THE NAMES OF THE THREE CREDIT BUREAUS?
EXPERIANTRANSUNIONEQUIFAX
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YOU BUY CANDY IN THE CHECKOUT LINE AT THE GROCERY STORE IS AN EXAMPLE OF:
IMPULSE PURCHASE
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YOUR CREDIT TRANSACTIONS STAYS ON YOUR CREDIT REPORT FOR HOW MANY YEARS?
7BANKRUPTCY STAYS ON YOUR CREDIT REPORT FOR HOW MANY YEARS?
10
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IF YOU OWE MONEY IT CAN BE DIRECTLY TAKEN FROM YOUR PAYCHECK IF AND ONLY IF IT IS ORDERED BY THE COURT. THIS IS CALLED...
GARNISHMENT
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PAYDAY LENDING AND CASH ADVANCE COMPANIES CHARGE MORE OR LESS INTEREST THAN A BANK
MUCH MUCH MORE! DO NOT USE THESE BUSINESSES
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STUDENTS FILL OUT WHAT FORM TO RECEIVE FEDERAL FINANCIAL AID FOR COLLEGE OR TECHNICAL SCHOOL?
FAFSA
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FAFSA STANDS FOR?
FREE APPLICATION for FEDERAL STUDENT AID
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STUDENTS FILL OUT WHAT FORM TO RECEIVE FEDERAL FINANCIAL AID FOR COLLEGE OR TECHNICAL SCHOOL?
FAFSA
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YOUR CREDIT HISTORY IS TRACKED BY THE THREE _____
CREDIT BUREAUS (EXPERIAN, TRANSUNION, AND EQUIFAX)
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FICO, USES THE CREDIT BUREAUS INFORMATION TO CALCULATE YOUR….
CREDIT SCORE
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ACCORDING TO FICO THE HIGHER THE SCORE (CLOSER TO 850) MEANS...
LOWER THE RISKYOU ARE A LOW RISK AND MOST LIKELY PAY YOUR DEBT BACK
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WHAT IS DAVE RAMSEY’S CREDIT SCORE?
ZERO - BECAUSE HE IS NOT IN DEBT AND HAS NOT BORROWED MONEY SO THEY CANNOT CALCULATE A SCORE AND HE IS A MILLIONAIRE!
CASH IS KING!
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HOW OFTEN CAN YOU REQUEST A FREE CREDIT REPORT?
YEARLY! YOU NEED TO DO THIS EVEN IF YOU DO NOT BORROW MONEY TO MAKE SURE YOUR IDENTITY HAS NOT BEEN STOLEN
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FEDERAL TAXES MUST BE FILED AND SENT TO THE IRS (UNCLE SAM) BY _______________
APRIL 15
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SUSAN NEEDS TO GO TO THE DOCTOR. SHE PAYS A $300 MONTHLY PREMIUM FOR HER FAMILY HEALTH INSURANCE. SHE ALSO HAS A $50 CO-PAY. HOW MUCH DOES SUSAN HAVE TO PAY THE DOCTOR ON HER VISIT?
$50 SUSAN IS RESPONSIBLE FOR THE CO-PAY. THE $300 IS HER MONTHLY PREMIUM (COST) FOR HAVING INSURANCE.
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A REPORT SHOWING ALL YOUR PAYMENT HISTORY IS CALLED _______________
CREDIT REPORT
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YOU CAN GET WHAT TYPE OF INFORMATION REMOVED FROM YOUR CREDIT REPORT _______________
INACCURATE INFORMATION
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YOU BUY CANDY IN THE CHECKOUT LINE AT THE GROCERY STORE IS AN EXAMPLE OF:
IMPULSE PURCHASE
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THE TRUE COST OF SOMETHING IN TERMS OF WHAT YOU GIVE UP IS CALLED
OPPORTUNITY COST
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➢ QUESTION:
● Amount of money earned before taxes is known as?
■ ANSWER:
■ Gross Income
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➢ QUESTION:
● Amount of money earned after taxes is known as?
■ ANSWER:
■ Net Income
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➢ QUESTION: ● Assuming a Gross Salary of $100,000 and a tax rate of 25%:
• What is your Gross Income?• What is your total income tax bill?• What is your Net Income?
■ ANSWER:■ Gross Income = $100,000■ Income Taxes = $25,000■ Net Income = $75,000
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➢ QUESTION:
● There are three types of expenses? What are they?
■ ANSWER:
■ Fixed, Variable and Discretionary
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➢ QUESTION:
● A cost that occurs regularly and doesn’t vary in amount is known as a:
● Give two examples:
■ ANSWER:
■ Fixed Expense■ Rent, Car Payment etc…
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➢ QUESTION:
● A cost that occurs regularly but varies in amount is known as a:
● Give two examples:
■ ANSWER:
■ Variable Expense■ Phone, Electricity, Groceries etc…
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➢ QUESTION:
● A cost that is determined by personal wants and needs:
● Give two examples:
■ ANSWER:
■ Discretionary Expense■ Vacations, Entertainment, Clothes that are
not essential like a leather coat because you could choose a less expensive coat to meet the need.
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➢ QUESTION: ● The value of what you had to give up to
pursue another option is known as?
■ ANSWER:■ Opportunity Cost
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➢ QUESTION: ● Giving up some of one thing to have more of
another is known as:
■ ANSWER:■ A tradeoff
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➢ QUESTION: ● Banking service where you deposit money into it,
and can then write drafts to people or businesses to pay off money owed?
■ ANSWER:■ A checking account
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➢ QUESTION: ● There are a lot of questions you should ask before
opening up a checking account? Name one?
■ ANSWER:■ Minimum balance? ATM card? Debit Card?
Direct deposit? Free Checks? Etc…
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➢ QUESTION: ● A check that the bank has already processed
and paid out?
■ ANSWER:■ Cancelled check (or cleared check)
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➢ QUESTION: ● When you don’t have enough money in your
account to cover a check?
■ ANSWER:■ Overdraft (or bounced check)
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➢ QUESTION: ● A form that you fill out when you open your
checking account. Provides the bank with a record of how you sign your name.
■ ANSWER:■ Signature Card
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NAMEADDRESS
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➢ QUESTION: ● A form you fill
out when you are depositing money into your checking account.
■ ANSWER:■ Deposit Slip
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➢ QUESTION: ● A personal record of all your deposits and
withdrawals should be kept in your:
■ ANSWER:■ Checkbook Register
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➢ QUESTION: ● Process of comparing your bank statement to
your checkbook register to insure that the numbers match.
■ ANSWER:■ Reconciling your account (or balancing your
account)
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➢ QUESTION: ● What are examples of logical reasons your
checkbook balance doesn’t match your bank statement balance?
■ ANSWER:■ Outstanding checks (you wrote them but they haven’t been cashed yet)■ Outstanding deposits (you deposited them after the bank statement was
mailed)■ ATM withdrawals or service fees that you forget to record in your checkbook
register
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➢ QUESTION: ● You cannot cash a check unless it has been
______________________.
■ ANSWER:■ Endorsed
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■ QUESTION: ■ What type of
endorsement is this?
■ ANSWER:■ Blank Endorsement
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■ QUESTION: ■ What type of
endorsement is this?
■ ANSWER:■ Restrictive Endorsement
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➢ QUESTION: ● Special ATM Card that allows you to pay for
transactions right out of your checking account by simply swiping the card
■ ANSWER:■ Debit Card
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STUDY, STUDY, STUDY
➢You should all get 100% if you study.
➢You will not be able to use your notes during the final.