Upgrade to remove ads
Personal Finance Chapter 3
Terms in this set (33)
What taxes are taken out of the payroll?
What is the difference between W-4 and WH-4 forms?
W-4 is used to show federal with holdings and provide to employer to tell them what to with hold on federal side.
WH-4 is to show state/county with holdings
What is a fixed expense? give an example
occur every month at the same amount; rent
What is a variable expense? give an example
occur every month but price ranges; electric
What is a periodic expense? give an example
cost that occur through year at different times; property tax
what are the 3 reasons people budget?
Explain debit vs credit in relation to checking accounts.
debit is when you are withdrawing from your account and money is being subtracted. Credit is when you are depositing into your account and money is being added.
What are the three types of endorsements?
When would you use a blank endorsement?
When you are depositing a check written to you.
When would you use a special endorsement?
When you want to give a check to someone else that is already in your name.
When would you use a restrictive endorsement?
When you want to deposit multiple checks at one time or you use night time deposit.
What is the most common type of endorsement?
65-LIT stand for _________
local income tax
what is the posey county income rate?
what is medicare?
insurance program starting at age 65
The employer matches your _________ contributions.
How much of your money should you budget for food?
How much of your money should you budget for housing?
How much of your money should you contribute to savings?
How much of your money should you give to charitable giving?
You need to make a new budget every month.
What are the seven signs you need to refresh your monthly budget?
1. withdrawing cash before you budget
2. Not giving off the top (or at all)
3. Constantly worrying about "unexpected" big purchases
4. Robbing yourself to pay first
5. Forgetting about annual expenses
6. Spending too much in one category
7. Using the same budget every month
What should always be the first line on your monthly budget?
You need an ____________ fund.
What is one wrong way of being aware?
always checking your your balance
What are good ways to communicate your budget?
take 20 mins to talk, have calendars, look at bank statements
What does GAP stand for?
Goal achievement Program
How can you be accountable for your budget?
save, pay off, GAP
Save $_______ for where you want to go to college.
What does it mean to endorse a check?
sign the back before depositing it
money you actually take home from paycheck
paycheck before taxes
What is the true name of W-4 form?
Employee's Withholding Allowance Certificate
This set is often in folders with...
PFR Ch. 1&2
PFR Ch 3
PFR Income Tax Test
PFR Credit Test
You might also like...
Financial Literacy-Chad Foster
Financial Math Midterm with definitions
Personal Finance FINAL
Other sets by this creator
Personal Finance Insurance Test
Other Quizlet sets
NBCOT - Musculoskeletal system disorders
Economics Midterm Review (Old Test Questions)