About This Chapter
Who's It For?
Anyone who needs help learning or mastering income, accounts and credit material will benefit from the lessons in this chapter. There is no faster or easier way to learn income, accounts and credit. Among those who would benefit are:
- Students who have fallen behind in understanding checking and savings accounts, income and credit
- Students who struggle with learning disabilities or learning differences, including autism and ADHD
- Students who prefer multiple ways of learning about money management (visual or auditory)
- Students who have missed class time and need to catch up
- Students who need an efficient way to learn about income, accounts and credit
- Students who struggle to understand their teachers
- Students who attend schools without extra money management learning resources
How It Works:
- Find videos in our course that cover what you need to learn or review.
- Press play and watch the video lesson.
- Refer to the video transcripts to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Verify you're ready by completing the Income, Accounts and Credit chapter exam.
Why It Works:
- Study Efficiently: Skip what you know, review what you don't.
- Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
- Be Ready on Test Day: Use the Income, Accounts and Credit chapter exam to be prepared.
- Get Extra Support: Ask our subject-matter experts any income, accounts and credit question. They're here to help!
- Study With Flexibility: Watch videos on any web-ready device.
Students Will Review:
This chapter helps students review the concepts in an income, accounts and credit unit of a standard money management course. Topics covered include:
- Employee compensation
- The progressive tax code
- Types of checking and savings accounts
- Payroll costs
- Credit terminology
- Calculating the effective annual rate
- Defining credit protection and the law
- Technology and banking efficiency
- Invoicing credit terms
1. Payroll Cost Calculations
Watch this video lesson to learn how the money you earn from a job, your paycheck, is calculated based on the number of hours you have worked. Also learn how taxes are calculated as well as overtime pay.
2. Understanding Employee Compensation
Compensation is pay for services during the course of employment. This can be direct (or monetary) compensation and indirect (or non-monetary) compensation in the form of benefits provided to the employee.
3. Understanding the Progressive Tax Code
In this lesson, learn what a progressive tax code is, how to recognize it, and what the alternatives are. Then, learn the differences between the three tax codes: progressive, regressive and proportional. Finally, learn how sales tax would impact progressivity.
4. What is a Checking Account? - Definition, Types & Advantages
Find out what a checking account is and the different types available. Learn what the advantages of checking accounts are and why they can be important to have.
5. What is a Savings Account? - Definition & Types
People use savings accounts to invest their money for short periods of time. They are the most simple, liquid types of short-term investments. Learn about some basic types of savings accounts and then test your knowledge with a quiz.
6. How Technology Makes Banking More Efficient
If you've ever heard the cliché 'banker's hours,' you know that banking traditionally has not been a fast and efficient process. In this lesson, you'll learn about how technology has improved the efficiency of banking for customers.
7. Credit Terms: Due Date, Invoice Date & EOM
After watching this video lesson, you will understand some of the key terms that companies use on the invoices that they send to you. Learn how to pay your invoices according to these terms so you aren't late.
8. Effective Annual Rate: Formula & Calculations
After watching this video lesson, you will understand how the interest rate that financial institutions, such as credit card companies, give you work. Also, learn how this interest rate may be different than the one you actually end up with.
9. What Is Credit Protection? - Laws & Services
Credit protection is a form of consumer protection that is designed to help preserve credit health for both individuals and businesses. This lesson discusses the laws and services involved in credit protection as well as the FTC's role.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.