Investing - Financial Situation
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| The total amount of money earned before any deductions are made | Gross Pay
🗑
|
||||
| The amount left after all deductions are taken out of the gross pay | Net Pay
🗑
|
||||
| Federal Income Tax, State Income Tax, Local Income Tax, Social Security, Medicare | Deductions
🗑
|
||||
| Deductions that employers may take directly out of employee paychecks to pay for | Benefits
🗑
|
||||
| Whatever you give up when making a decision | Opportunity Cost
🗑
|
||||
| You must give something up if you want to get something | Trade-off
🗑
|
||||
| Unlimited wants and limited resources explains the concept of________ | Scarcity
🗑
|
||||
| Save it, Invest, it, Spend it, Donate it | What can People Do with Money?
🗑
|
||||
| Something a person intends to acquire, achieve, or accomplish | Goals
🗑
|
||||
| Less Than 1 Year | Short Term Goal
🗑
|
||||
| Greater Than 1 Year | Long Term Goal
🗑
|
||||
| Specific objective involving finances | Financial Goal
🗑
|
||||
| Set aside a portion of money for saving each time a person is paid before spending any of the money | Pay Yourself First
🗑
|
||||
| 1. Unexpected Events and Emergencies 2. Purchase Expensive Items | Why Save?
🗑
|
||||
| Keeps money safe, Earns Interest, Withdrawn at anytime | Savings Account
🗑
|
||||
| Pays a Higher Interest Rate, Can be withdrawn a limited number of times each month | Money Market Account
🗑
|
||||
| Earns Interest, Money is required to stay for a specific period of time, All money can be withdrawn at the end of the time period | Certificate of Deposit
🗑
|
||||
| Allocating money for a particular purpose | Budget
🗑
|
||||
| Expenses that don't change month to month | Fixed Expenses
🗑
|
||||
| Expenses that change or vary month to month (You can control how much is spent) | Variable Expenses
🗑
|
||||
| Assets - Liabilities | Net Worth
🗑
|
||||
| Anything of value that is owned | Asset
🗑
|
||||
| An amount owed to a lender | Liability
🗑
|
||||
| Money saved with Net Income, Income is earned in account, taxes are paid annually, income is claimed on tax return | Taxable Accounts
🗑
|
||||
| Tax on income earned is paid at a later date | Tax Deferred
🗑
|
||||
| Before the payroll taxes are withdrawn | Pre-Taxed Income
🗑
|
||||
| An employer sponsored retirement account, the employer makes contributions, to become vested you may have to work for a specified number of years, at retirement the employee receives a set amount based on wages and years of service | Defined Benefit
🗑
|
||||
| An employer sponsored retirement account, the employee and employer can make contributions, at retirement the employee gets to withdraw whatever money is needed, the money withdrawn at retirement is taxed | Defined Contribution
🗑
|
||||
| Individuals can set aside a specific amount of money each year, taxes are paid when withdrawls are taken, the contributions can be deducted from income on tax returns | Individual Retirement Account
🗑
|
||||
| Individual retirement account, where contributions cannot be deducted from income on tax return and the earnings are not taxed at retirement when withdrawals are taken | Roth IRA
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
mryan396
Popular Finance sets