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Personal Finance
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| Term | Definition |
|---|---|
| What is a Form W-2? | Wage and Tax Statement |
| What is a W-2 purpose? | to itemize how much money was earned by an employee and how much was withheld and sent to the IRS. It lists the income you earned during the year and all amounts withheld by the employer in your behalf. Due January 31 to employee |
| What is a Form W-4? | Employee Withholding Allowance Certificate |
| What is a Form W-4 purpose | To allow the employer to withhold federal income taxes from an employee’s paycheck. This Form determines the percentage of gross pay which will be withheld for federal income taxes. |
| What is the Form I-9? | Employment Eligibility Verification Form |
| What is a Form I-9 purpose? | To verify a new employee’s identity and eligibility to work in the U.S. |
| What is the purpose of the MO W-4? | This form determines the percentage of gross pay which will be withheld for state income taxes. Filled out by the employee. |
| When do employers need to have sent a Wage and Tax Statement? | January 31st |
| ALLOWANCES | the number you put on your form ___ so your employer can calculate the amount of income tax to withhold/deduct from your paycheck; persons claimed that reduce the amount of income tax withheld. |
| What is Opportunity Cost? | The value of what is given up when you choose one option over another |
| The average American will have had 10 jobs between the ages of 18-38. | TRUE |
| What is the difference between a “Job” and a “Career”? | A job is an employment position obtained mainly to earn money, where as a career is a commitment to a profession which requires continued training and offers a clear path for occupational growth. |
| Step 1 of Decision-Making Process | Identify your Goals |
| Step 2 of Decision-Making Process | Establish Criteria |
| Step 3 of Decision-Making Process | Examine your options |
| Step 4 of Decision-Making Process | Weigh Pros and Cons |
| Step 5 of Decision-Making Process | Make a Decision |
| Step 6 of Decision-Making Process | Evaluate Results |
| What is a personal reference | someone who can give an honest opinion about a person’s character |
| What is a professional reference | often someone who has supervised an individual in the workplace. |
| What is a resume? | A summary of work experience, education, abilities, interests, references and other information that may be of interest to an employer |
| What is a hard skill? | specific knowledge and abilities required for success in a job |
| What is a soft skill | relationship with other people, or are about how you approach life and work. |
| What is a drawee on a check? | Bank on check |
| What type of endorsement is used for a bank deposit? | Restrictive Endorsment |
| What type of endorsement is used towards your best friend | Special/Full Endorsement |
| What type of endorsement is used for a bank deposit but want to keep some in cash? | Blank Endorsement |
| How do you fix a check wrongly named? | Wrong Name then write the Correct Name |
Created by:
bcain25
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