Personal Financial Literacy Unit 1

Banks and other money-lending institutions charge this as a fee for the convenience of borrowing their money.

• Interest
• Deductions
• Taxes
• Assets

Some banks offer this type of interest, which is based on a combination of both the principal and accumulated interest of the debt or savings.

• Simple Interest
• Compound Interest
• Special Interest
• Complex Interest

Some banks offer this type of interest, which is based only on the principal of the debt or savings.

• Complex Interest
• Complicated Interest
• Simple Interest
• Special Interest

On a pay stub, this indicates the total amount of money received by an employee after all deductions are taken out.

• Net Pay
• Gross Pay
• Total Pay
• Grand Pay

Tags

CCSS.RI.11-12.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.8.7

CCSS.RL.9-10.7

On a pay stub, this indicates the total amount of money earned by an employee before all deductions are taken out.

• Gross Pay
• Grand Pay
• Net Pay
• Total Pay

On a pay stub, this category details money taken out of a paycheck for various reasons.

• Fees
• Deduction
• Taxes
• Debt

An important deduction that all workers must pay and increases for higher pay-grades, this makes up about 40% of the Federal Government's revenue.

• Income Tax
• Medicare Tax
• Sales Tax
• Medicade Tax

What does FICA stand for?

• Federal Insurance Criminality Act
• Federal Interest Contributions Act
• Federal Insurance Contributions Act
• Federal Intuition College Act

Created to encourage the use of banks, this government sponsored organization insures bank accounts up to a certain amount, dependent on the nature of the account.

• Federal Deposit Insurance Corporation
• Federal Dependency Insurance Corporation
• Federal Deposit Intelligence Corporation
• Federal Deposit Interest Corporation

The following are considered Needs by most people.

• Food, Water, Housing
• Steak, Alcohol, Luxury Apartments
• Atari, Ferrari, Bling
• Pets, DVD movies, Computers