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Understanding Taxes, Financial Institutions, and Insurance Basics

Learn about different types of taxes, financial institutions, and insurance for financial literacy. Understand tax types, paying taxes, dependents, deductions, financial institutions, debit cards, credit cards, checking accounts, and insurance types.

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Understanding Taxes, Financial Institutions, and Insurance Basics

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  1. Standards 2/3 Review

  2. Taxes Section One

  3. Types of Taxes • Know the difference between sales, income and property taxes. • What types of goods and services do these taxes help pay for? • What is a plus tax?

  4. Types of Taxes Continued • What types of taxes are considered federal taxes, and what taxes are regulated by state and local governments? • What are the differences between progressive and regressive taxes?

  5. Paying Taxes • Why do we pay taxes? • Who is required to pay taxes? • Income Taxes • Sales Tax • Property Tax • When are we required to pay taxes? • Income? • Sales? • Property?

  6. Paying Taxes Continued • What principle is the U.S. tax system based on? • What division of the U.S. Treasury is responsible for regulation of the federal tax system?

  7. Tax Regulation • What are the potential consequences of failing to report taxes properly? • Know what an audit is. • What type of things will increase the likelihood of receiving a tax audit? • What is the most common?

  8. Dependents and Deductions • What is a dependent, for tax reasons? • What types of things can be considered deductions when filling out tax forms

  9. More Taxes • Know the difference between progressive and regressive taxes. • What is a “free rider?”

  10. Financial Institutions Section Two

  11. Financial Institutions • Know the different types of financial institutions. • What are some differences between credit unions and banks? • Why do financial institutions charge fees and interest on their services?

  12. Checks and Debit Cards • What are the advantages and disadvantages to using debit cards instead of checks and vice versa? • Where can you use debit cards and/or checks?

  13. Credit Cards vs. Debit Cards • What are the similarities and differences between credit and debit cards? • Are there any benefits to using credit cards? • If so, what are they?

  14. Checking Accounts • Why have a checking account? • Are there any advantages to online banking? • If so, what are they? • Is a checking account the best way for students your age to start saving for college? • If not, what would be?

  15. Insurance Last, But not least

  16. Types of Insurance • What is the purpose of insurance? • What types of insurance are there? • Do employers, generally, have insurance to protect their employees?

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