goals, budgets, checking, debit, paychecks, budgets

Question 1

name three things federal taxes are used for

Answer 1

social security
medicare
military equipment

Question 2

name three things state taxes are used for

Answer 2

schools, healthcare services, administration

Question 3

Smart

Answer 3

specific

Question 4

sMart

Answer 4

measurable

Question 5

smArt

Answer 5

attainable

Question 6

smaRt

Answer 6

realistic

Question 7

smarT

Answer 7

time bound

Question 8

my smart goal

Answer 8

I plan to save 700$ for a laptop by saving $100 from each paycheck for 7 months.

Question 9

bounced check

Answer 9

insufficient funds

Question 10

reconciliation

Answer 10

make sure people have cashed your checks
makes sure all money spent comes out of account

Question 10

voided check

Answer 10

cancelled

Question 11

outstanding check

Answer 11

written, not cashed

Question 12

W-2

Answer 12

TWO things
how much money you made
taxes paid in previous year

Question 13

when to receive W-2 by

Answer 13

January 15

Question 14

W-2 used to file income taxes by

Answer 14

April 15

Question 15

3 ways to endorse a check

Answer 15

blank, restricted, special

Question 16

blank endorsement

Answer 16

just your signature

Question 17

restrictive endorsement

Answer 17

for deposit only account #123456789

Question 18

special endorsement

Answer 18

pay to the order of

Question 19

PIN

Answer 19

personal identification number

Question 20

overdraft protection

Answer 20

when you write a check and the bank covers it so it doesn’t bounce (charges a fee)

Question 21

debit account

Answer 21

straight from your bank account

Question 22

credit account

Answer 22

borrowed money, you pay it back

Question 23

debit transaction

Answer 23

money goes straight from your account to the business

Question 24

credit transaction

Answer 24

money goes thru a middleman (visa, mastercard)
charges business a fee

Question 25

three main categories for budgets

Answer 25

income, savings, expenses

Question 26

PYF

Answer 26

pay yourself first, money goes into savings first

Question 27

gross income

Answer 27

total amount of $ earned before deductions

Question 28

net income

Answer 28

gross income
MINUS-
payroll withholding
EQUALS=
net income

Question 29

social security

Answer 29

income for elderly
healthcare for elderly

Question 30

medicare

Answer 30

disability benefits
survivor benefits

Question 31

W4

Answer 31

determines how much money comes out of your paycheck

Question 32

I9

Answer 32

proves you are a US citizen
passport, license, birth certificate

Question 33

withholdings

Answer 33

payroll deductions
fed taxes, state taxes
social security

Question 34

spreadsheet formula (sum)

Answer 34

=sum (A1-A6)

Question 35

spreadsheet formula (%)

Answer 35

=(smaller number)/(larger number)

Question 36

atm

Answer 36

automatic teller machine

Question 37

how can you spend more money than you make in a month

Answer 37

unexpected situations