Banking Basics Review at PL | Baamboozle - Baamboozle

What is the Social Security deduction?

A government program that is designed to pay retired workers age 65 or older a continuing income after retirement. All Americans pay into SS

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In regards to a check register, money coming out of your checking or savings account

debit

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An expense that is a different amount every month (ex. gas bill)

Variable

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True or False: A due date is a suggested date for you to pay your bill.

False

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This is the account that you use to pay your monthly bills and where your paycheck is deposited.

checking account

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An expense that is the same amount every month (ex. rent)

Fixed

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This type of income is earned when an employee works more than the standard workweek hours, usually working more than 40 hours in one week.

Overtime

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What are deductions?

The money the employer take out of your paycheck for things like taxes and healthcare.

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Why is it important to be responsible with your money?

To make sure you can pay for what you need

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True or False: Mobile apps, such as Venmo and Cash App allow you to pay friends and family for shared expenses.

True

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Money owed for an apartment or house that you do not own.

Rent

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lifesaver

Give 25 points!

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fairy

Take points!

gift

Win 20 points!

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banana

Go to last place!

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heart

Other team wins 10 points!

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magnet

Take 25 points!

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rocket

Go to first place!

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banana

Go to last place!

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lifesaver

Give 5 points!

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magnet

Take 15 points!

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rocket

Go to first place!

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thief

Give points!

True or False: You can set up payments to be only one time or automatically be paid monthly.

True

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What is Net Pay?

The money an employee actually takes home after all deductions are taken out. (Wage x Hours Worked - Deductions)

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