Basics Beginner: Making the Most of Your Paycheck

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1.
If you choose direct deposit for your paycheck, your pay will be deposited automatically in your bank account whether you are at work on payday or not.
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True. Your pay will be directly deposited every payday in your bank account whether you are at work or not.
2.
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.
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.
To pay yourself first means to _______.
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Set aside money right away out of your paycheck. The idea is that your savings come first.
5.
As a general rule, larger financial institutions offer ______ services and options compared to smaller ones.
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More. Size generally enables an institution to offer more products and services.
6.
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.