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15 Cards in this Set
- Front
- Back
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What is the difference between receiving salary and hourly wage? |
hourly wages are paid by the hour salary is income for the year. |
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what is the difference between gross pay and net pay? |
gross pay is the total amount of money that you can earn and Net pay is the amount of money that you receive. |
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what are four common types of paycheck deductions? |
federal income state & local taxes social security taxes medicare |
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when and why would you be asked to fill out a form W-4? |
to ensure that your employer withholds the correct amount from your pay. |
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what is the purpose of tax return? |
To report your total earning for the preceding year and to determine exactly how much tax you should have paid. |
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describe how to choose a checking account. |
You can use checks instead of cash to buy items and pay bills. |
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How does a credit card work? |
A card that deducts the cost of purchases from the users account at the time of the purchase. |
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what must you do to reconcile your checking account? |
bringing your bank statement and your own records of transaction. |
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How is a money market account different from a regular savings account? |
The bank uses it to make loans and investments and pays you interest in return. |
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why is it important to have a budget? |
A budget will help you live within your means and meet your financial goals |
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what is the main reason to have insurance? |
you can experience health problems, accidents, natural disasters, and crime. |
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what is a deductible? |
a set amount the policy holder must pay for each loss before the insurance pays out. |
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What are three basic types of insurance? |
health, auto, and home insurance |
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What is the difference between bonds and stocks? |
government corporations issue bonds. stocks are when corporations raise money by selling stock |
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how is a 401K plan similar to an IRA? |
401K plan is a specific type of retirement plan, and an IRA Plan enables workers and spouses to set aside money for retirement. |
