Final Exam Review

Final Exam Review


Employee Pay and Benefits

Concepts:
Understanding your paycheck
Deductions – required – social security, Medicare, fed/state taxes
Gross pay/ net pay/ overtime
Salary – monthly/yearly
Benefits
Unions

Budgets and Financial Records

Concepts:
What is a financial plan?
Disposable income
% of money to save (safe range too)
Fixed and variable expenses (safe range too)
Assets, liabilities, and net worth
Statement of Net Worth


Checking Accounts/Banking

Concepts:
Terminology – (vocabulary terms – hint)
Understanding parts of a check
How to write a check
Deposits (fill out deposit slip too)
Checkbook register / reconciling
3 types of endorsements

Credit
Concepts:
Calculating interest – simple
Terminology
Reading a credit report
3 Cs of credit – Character, Capital Capacity
Types of credit - single-payment (utilities), installment (mortgage), and revolving (credit card)
Adv/disadv. of credit
Finance charges~determining cost of credit & monthly payments

Insurance

Concepts:
Terminology
Health, Life, Disability, Car, Renters/Home
How much do I pay when I have insurance coverage versus when I don't have insurance coverage
Types of coverage
Premiums/Co-pays/Deductibles