Basics Beginner: Making the Most of Your Paycheck

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1.
What is one benefit of direct deposit?
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Your bank may offer you a small discount on a loan rate. One potential benefit of direct deposit is that your bank may offer you a small discount on a loan rate.
2.
The concept of paying yourself first involves setting aside money from your paycheck _______.
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Before you pay your other expenses.
3.
A payday loan is designed to _______.
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Tide you over until your next paycheck. A payday loan is set up to pay short-term bills and to be repaid with your next paycheck.
4.
Taxes withheld from your paycheck include _______.
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Federal income tax. A deduction is taken from your paycheck toward the amount you owe in federal taxes each year.
5.
When choosing a bank or credit union account, which feature is the most relevant?
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None of the above. No one feature is the most important; they vary according to the customer.
6.
A flexible spending account allows you to save money on a(n) _______ basis to pay certain types of bills.
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Pre-tax. A flexible spending account allows you to pay certain expenses on a pre-tax basis.