S1 Final FA 24/25

Front

What is a 1099 statement?

Back

A 1099 statement is a tax form used to report income received from sources other than employment, such as independent contracting, interest, dividends, or unemployment benefits.

Front

What does 'pay yourself first' mean in personal finance?

Back

'Pay yourself first' means to set aside a portion of your income for savings before spending on other expenses.

Front

What are common banking fees?

Back

Common banking fees include overdraft fees, monthly maintenance fees, and ATM fees.

Front

What does a negative slope indicate on a graph?

Back

A negative slope indicates that the line travels down as you move from left to right.

Front

What is a disadvantage of using a check casher compared to a bank?

Back

A disadvantage is that you pay a higher fee to cash checks at a check casher than at a bank.

Front

What is the purpose of a savings account?

Back

A savings account is designed to hold money that is not intended for daily expenses, allowing it to earn interest over time.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money up to a certain limit to make purchases.

Front

What is an overdraft fee?

Back

An overdraft fee is a charge incurred when you withdraw more money from your bank account than is available.

Front

What is the significance of interest rates in banking?

Back

Interest rates determine how much you earn on savings or how much you pay on loans, influencing financial decisions.

Front

What is the role of a financial advisor?

Back

A financial advisor provides guidance on investments, savings, and financial planning to help clients achieve their financial goals.