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Personal Finance
Personal Finance Semester Exam 1 Mr Back
| Question | Answer |
|---|---|
| Gross Pay | TOTAL AMOUNT OF MONEY EARNED |
| NET PAY | AMOUNT OF TAKE HOME MONEY |
| FICA | FEDERAL INSURANCE CONTRIBUTIONS ACT REQUIRING A DEDUCTION FROM PAY CHECKS & INCOME - GOES TO SOCIAL SECURITY & MEDICARE |
| SOCIAL SECURITY | A GOVT SYSTEM THAT PROVIDES MONETARY ASSISTANCE TO PEOPLE WITH NO INCOME |
| MEDICARE | FEDERAL GOVT THAT PAYS FOR CERTAIN HEALTH CARE EXPENSES CITIZENS 65+ |
| DISC PERSONALITY PROFILE | BEHAVIOR PROFILE TEST THAT YEILDS INSIGHTS INTO HOW YOU PROCESS DECISIONS AND WHAT YOUR NATURAL TENDENCIES MAY BE |
| INCOME TAX | PROGRESSIVE TAX ON FINANCIAL INCOME OF INDIVIDUALS/COMPANIES, DECEASED ESTATES AND CERTAIN BANKRUPT ESTATES PAID TO THE GOVT |
| RESUME | PERSONAL WORK HISTORY FOR GAINING EMPLOYMENT |
| 7BABY STEPS | 1 3-600 IN AN EMERGENCY FUND 2 DEBT SNOWBALL 3 3-6 MONTH EXPENSES 4 INVEST 15% HOUSEHOLD INCOME 5 COLLEGE FUNDING 6 HOME PAY OFF EARLY 7 BUILD WEALTH AND GIVE |
| WEALTH-CREATING ASSETS | HOME GOES UP IN VALUE |
| DEPRECIATING ASSETS | DECLINE IN VALUE / A CAR |
| MURPHY'S LAW | WHAT CAN GO WRONG WILL GO WRONG |
| EMERGENCY FUND | 3/6 MONTH EXPENCES READY IN CASH IN CASE OF AN EMERGENCY |
| COMPOUND INTEREST | R+RATE, N=# TIMES COMPOUNDED, T=TIME/ INTEREST PAID ON PREVIOUSLY EARNED |
| INTEREST RATE | COST OF BORROWING FUNDS, EXPRESSED AS A PERCENT |
| RISK | THE LIKELIHOOD OF LOSS OR REDUCED PROFIT |
| RISK RETURN RATIO | REWARD COMPARED TO AMOUNT OF RISK TAKEN |
| MUTUAL FUNDS | |
| MONEY MARKET MUTUAL FUND | |
| C.D. | CERTIFICATE OF DEPOSIT; BANKS |
| DIVERSIFICATION | SPREAD INVESTMENT MONEY; LOWER RISK |
| COMMODITY | |
| LIQUIDITY | QUALITY OF AN ASSET; AVAILABILITY OF MONEY |
| SAVINGS ACCOUNT | |
| CALCULATING INVESTMENTS (SOTCK PRICE X PRICE PER SHARE = INVESTMENT) | |
| IRA | TAX-DEFFERED ARRANGEMENT FOR PEOPLE WITH EARNED INCOME & NON-INCOME SPOUSE GROWTH NOT TAXED |
| ROTH IRA | RETIREMENT ACCOUNT FUNDED WITH AFTER TAX DOLLARS GROWS TAX FREE |
| 401 (K) | CONTRIBUTION PLAN OFFERED BY A CORPORATION TO ITS EMPLOYEES |
| 403 (B) | RETIREMENT PLAN; OFFERED BY NON-PROFIT ORGANIZATIONS |
| ROLLOVER | MOVEMENT OF FUNDS TO RETIREMENT PLAN FROM QUALIFIED PLAN/CUSTODIAN |
| TAX-FAVORED DOLLARS | MONEY THAT IS WORKING FOR YOU |
| APR | INTEREST RATE ON BORROWED MONEY (ANNUAL PERCENTAGE RATE) |
| CREDIT CARD | TOOL USED TO FINANCE A PURCHASE |
| DEBT CONSOLIDATION | COMBINING ALL DEBTS INTO MONTHLY PAYMENT |
| DEBT SNOWBALL | MINIMUM PAYMENTS MADE TO ALL DEBTS EXCEPT SMALLES, LARGEST PAYMENT |
| FINANCE CHARGE | TOTAL DOLLAR AMOUNT YOU PAY TO USE CREDIT |
| LEASE MORTGAGE | LONG TERM RENTAL AGREEMENT, FORM OF LONG-TERM DEBT |
| MORTAGE | |
| IMPULSE PURCHASE | TO BUY SOMETHING WITHOUT THINKING ABOUT IT |
| OPPORTUNITY COST | TRUE COST; GIVE UP TO GET IT |
| APR | INTEREST RATE ON BORROWED MONEY |
| BUYER'S REMORSE | REGRETTING A PURCHASE SOON AFTER MAKING IT |
| CAVENT EMPTOR | BUYER BEWARE |
| FINANCING | TO BUY AN ITEM WITH CREDIT; PAYING OVER TIME |
| SIGNIFICANT PURCHASE | AMOUNT OF MONEY YOU SPEND $300+ CAUSING SOME PAIN |
| FOUR WALLS | FOOD, SHELTER, CLOTHING, TRANSPORTATION |
| WARRANTIES | |
| BANKRUPTCY | LEGAL PROCESS TO GET OUT OF DEBT WHEN YOU'RE FINANCIALLY FAILED |
| CREDIT BUREAU | COLLECTS CREDIT HISTORY TO DECIDE ABOUT GRANTING LOANS |
| CREDIT REPORT | REPORT SHOWING PAYMENT HISTORY |
| DISPOSABLE INCOME | MONEY LEFT OVER FROM PAYCHECK AFTER TAXES/NECESSITIES |
| FFDCPA | FEDERAL FAIR DEBT COLLECTION PRACTICES ACT. FORBIS COLLECTORS TO ABUSE/HARASS |
| FRAUD | SELLERS INTENTIONAL DECEPTION OF BUYER-ILLEGAL |
| INDENITY THEFT | USING ONE'S INFO TO OBTAIN GOODS OR SERVICES |
| GARNISHMENT | COURT ORDER; LESS PAYCHECK TO CREDITORS UNTIL DEBT IS RESOLVED |
| PRO RATA | BORROWER REPAYS EACH LENDER A FAIR % OF TOTAL DEBT WHEN ONE CANNOT MAKE THE MINIMUM PAYMENT ON ONES BILL |
| FICO SCORE | "I LOVE DEBT" SCORE |
| COLLECTOR PRACTICES | |
| BUDGET | CASH FLOW PLAN; EVERY DOLLAR YOU MAKE IS ASSIGNED TO A SPECIFIC CATEGORY |
| FREQUENCY OF A WRITTEN CASH FLOW PLAN | |
| ENVELOPE SYSTEM | HELP PEOPLE MANAGE MONTHLY FINANCES |
| FIXED EXPENSES | |
| VARIABLE EXPENSES | |
| EMERGENCY FUND | |
| ZERO-BASED BUDGET | AN EXPENSE TO EVERY DOLLAR OF ONES INCOME TOTAL INCOME TOTAL EXPENSE |
| CHECKING ACCOUNT | |
| ATM CARD | ALLOWS YOU TO MAKE TRANSACTIONS IN AUTOMATED TELLER MACHINES |
| DEBIT CARD | USED TO MAKE PURCHASES; MONEY COMES FROM CHECKING ACCOUNT |
| IMPULSE PURCHASE | BUY SOMETHING WITHOUT THINKING ABOUT IT |
| RECONCILE | MATCH BANK STATEMENT WITH OYUR CHECKBOOK (72 HRS) |
| NON SUFFICIENT FUNDS | |
| POWER OF CASH | |
| NEGOTIATING | BARGAIN FOR A LOWER PRICE |
| WALK AWAY POWER | ABILITY TO WALK AWAY FROM PURCHASE WHEN NEGOTIATING |
| REBATING | |
| BARGAINS | |
| IMPORTANCE OF RESEARCH | |
| AUCTIONS | PUBLIC SALE/ PROPERTY & ITEMS OF MERCHANDISE SOLE TO HIGHEST BIDDER |
| FORECLOSURES | HOLDER WITH MORTGAGE SELLS THE PROPERTY TO HOMEOWNER WHO HASN'T MADE INTEREST |
| ESTATE SALES | YARD SALE WITH MORE ITEMS |
| CONSIGNMENT | RETAIL SHOP/PEOPLE SELL ITEMS & OWNER OF SHOP GETS A %OF THE SALE |
| ACCOUNTABILITY | LIABILITY AND EXPECTATION OF ACCOUNT GIVING |
| ALLOWANCE | MONEY GIVEN TO A KID BY GUARDIAN ON A WEEKLY BASIS |
| COMMISSION | FEE PAID FOR PROVIDING A SERVICE |
| FISCAL | HAVING TO DO WITH MONEY |
| FREE SPIRIT | "EVERYTHING WILL WORK OUT FINE" HATES TO DEAL WITH NUMBERS |
| NERD | PICKY ABOUT BUDGETING AND NUMBERS |
| WORK ETHIC | MOTIVATED, LOAY & HONEST YOU ARE IN WORK |
| AUTO INSURANCE | COVERS AUTOMOBILE |
| LIFE INSURANCE | PROTECTS YOUR FAMILY FROM PERSONAL RISK EXPOSURE REPAYMENTS OF DEBT AFTER DEATH |
| RENTER'S INSURANCE | |
| DEDUCTIBLE | |
| PREMIUM | AMOUNT YOU PAY FOR AN INSURANCE POLICY |
| COMPREHENSIVE | PAYS TO REPAIR/REPLACE OWNERS VEHICLE & PERSONAL PROPERTY INSIDE |
| COLLISION | COVERS THE ACT/PROCESS OF COLLIDING; CRASH OR CONFLICT |
| HEALTH INSURANCE | PROTECT YOU FROM PAYING OUT OF POCKET FOR MEDICAL BILLS/TREATMENTS |
| TERM INSURANCE | |
| WHOLE LIFE INSURANCE | LIFE INSURANCE WITH BOTH INSURANCE AND INVESTMENTS |
| OUT OF POCKET | COSTS THAT INSUANCE DOESN'T COVER; AMOUNT YOU PAY |
| LONG-TERM CARE INSURANCE | CARE FOR PEOPLE 65+ THAT NEED CONSTANT SUPERVISION |
| IDENTITY THET INSURANCE | |
| DISABILITY INSURANCE | |
| ACCIDENTAL DEATH INSURANCE | |
| ARM | |
| APPRAISAL | |
| APPRECIATION | |
| CONVENTIONAL LOAN | |
| CURB APPEAL | |
| EQUITY | |
| FIXED RATE | |
| MLS | |
| MORTGAGE |
Created by:
aphidkiller
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