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Banking Basics Review at PL
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What is the Medicare deduction?
A government program that is designed to provide federal health insurance for anyone age 65 and older, and some people under 65 with certain disabilities.
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
What is the Healthcare deduction?
The money that you agree to pay in order to have health insurance.
What are Taxes (Federal, State and Local)?
The money collected by all the levels of government that is used to pay for the services, goods and activities they provide to people.
This type of additional income is usually used as an incentive to encourage employees to meet certain goals or increase performance and productivity.
Bonus
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
This is additional money received that is paid by the customer to the employee and is usually based on their performance of service.
tip
A fixed amount of regular payment of an annual amount divided up for each pay period is known as...
salary
Money you earn from working is called...
Income
What is Net Pay?
The money an employee actually takes home after all deductions are taken out. (Wage x Hours Worked - Deductions)
What is Gross Pay?
The money an employee earns before the employer takes out deductions. (Wage x Hours Worked)
What are deductions?
The money the employer take out of your paycheck for things like taxes and healthcare.
What is a paycheck?
It is money given to an employee by their employer for the services they provided.
Why is it important to be responsible with your money?
To make sure you can pay for what you need
When using a debit card, where does the money come from?
The money in your checking account
When using a credit card, what should you be careful about?
Only using it for things you really need
True or False: Mobile apps, such as Venmo and Cash App allow you to pay friends and family for shared expenses.
True
True or False: When you pay a bill online, it will always be paid immediately to the company receiving payment.
False
True or False: A due date is a suggested date for you to pay your bill.
False
True or False: You can set up payments to be only one time or automatically be paid monthly.
True
True or False: You can pay your electric bill through online banking by adding your electric company as a bill recipient.
True
True or False: You can only pay bills by writing paper checks.
False
This type of account is where you keep money you do not intend on spending on monthly expenses.
savings account
This is the account that you use to pay your monthly bills and where your paycheck is deposited.
checking account
A document used to keep track of your deposits and withdrawals from your checking account.
Check register
a card that allows you to make a purchase now and pay for it later.
credit card
A card that draws money directly out of your checking account.
debit card
When a person writes checks for more than the current balance of their checking account.
overdraw
In regards to a check register, money coming out of your checking or savings account
debit
In regards to a check register, money deposited into your checking or savings account will that be a credit or debit. .
credit
A piece of paper that directs money to be taken out of your checking account and paid to an individual or business.
check
The account a person uses to pay bills or for everyday expenses.
checking account
An expense that is a different amount every month (ex. gas bill)
Variable
An expense that is the same amount every month (ex. rent)
Fixed
Monthly payment that you owe the bank for your home until it is paid off is called...?
Mortgage
Money owed for an apartment or house that you do not own.
Rent
What are utilities?
Utilities are a collective word for electric, gas and water services.
What is a bill?
A Bill is an amount of money that must be paid for goods or services.
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