The granting of a loan and the creation of debt; any form of deferred payment

An obligation of repayment owed by one party (the debtor/borrower) to a second party (the creditor/lender); in most cases this includes repayment of the original loan amount plus interest

A system by which goods and services are produced and distributed

The knowledge and skill set necessary to be an informed consumer and manage finances effectively

A fee paid by a borrower to the lender for the use of borrowed money; typically interest is calculated as a percentage of the principal (original loan amount)

Debt evidenced by a “note,” which specifies the principal amount, interest rate and date of repayment.

All of the decisions and activities of an individual or a family regarding their money, including spending, saving, budgeting, etc.

When your wages go directly into your bank account

This includes medicare and social security

This form proves your citizenship

This form tells you how much you earned all year

This form tells your employer how much to take out

The amount you earn before taxes is your

This is the same as your take home pay

This is the amount of time you are being paid for

When you get a piece of paper to put into the bank, you have a

This looks like a credit card from your employer

This is how much your check is actually worth, after deductions

This is how much money you earn every hour

To find gross pay, you _______ your hourly rate by your hours worked

To find net pay, you ________ your gross pay by your deductions

These are required charges of citizens by local, state and federal governments

This is the amount you have paid for the year so far

Taxes given to the federal government

Income tax given to individual State governments

The Federal Insurance Act

is the term used to describe all of the money you've made while working at your job.

When your employer electronically deposits your paycheck in your bank account

Form filled out to verify identification

Amount of deductions taken from your check

Form filled out when you get a job to tell your employer how much to take out in taxes

Form received from your employer to tell how much was made during the year & taxes paid

When you get a paper check from your employer

Nation's healthcare program for those over 65

Amount you make after taxes are withheld

How much has been paid from January 1 to today

Amount before taxes are taken out

Retirement program for the United States

Paycheck is automatically put onto a debit card

What is your biggest wealth-building tool?

What is it called when you make money on the percentage of the total sales you make?

Taxes and withholdings impact your _______, which is the amount of money you take home on your paycheck.

Net income is the amount you get paid before taxes.

Research shows that nearly half of Americans (46%) feel stress and anxiety about the amount of _______ they have.

Your money personality can affect your _______.

Saving money over time for a large purchase

Calculate the amount you would have for this problem compounded annually.

You put in $1,000 at 6% interest for 3 Years. 

Hints:

r = .06

P = 1000

t = 3

n = 1 (compounded once a year is annually)

Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded monthly, how much total will he have paid after 5 years?

Hints: r = .052

P = 25,690

t = 5 years

n = 12 (compounded monthly is 12 times that year)