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Review for Final

QuestionAnswer
Your goal in developing a ________ plan is to be able to pay all of your expenses each month and put money into a savings or investment account and having a good spending plan in place will help you achieve this goal. spending
The first section of a spending plan is ______. income
Do not ever provide information in an e-mail directly in the ____ of the e-mail or in an __________ which contains your personal information. body, attachment
A __________ is goal is one you want to achieve in less than __ months time. short-term, 12
An ____________ goal is one you want to achieve in more than 12 months, but less than _ years. intermediate, 5
A _________ goal is one you want to achieve in more than five years and possibly up to ________ years. long-term, 30 to 35
When you choose a bank, you should three things in mind: 1. Convenience 2. Service 3. Cost
A _______________ is one of the most widely recognized of the banking institutions because they have been so well known throughout the years. commercial bank
_____________ do not have physical locations you are able to walk into and do your banking. Virtual banks
Each time you use a debit card, the money is taken from your account almost __________. immediately
The top two features of online and mobile banking are convenience and _________. security
The two basic forms of credit most commonly used are: 1. Credit card 2. Installment loan
The __________________________ is the percentage of interest you pay on an annual basis based on how much you have borrowed. annual percentage rate
You must pay at least the _______________ each month to avoid late charges and lowering your credit rating. minimum payment
When you _______ on a loan or a credit card, this means you have stopped making payments, usually because you are unable to afford the payments. default
Three things affect your credit card costs: 1. Annual fee 2. Finance charge 3. Grace periods
Credit scores range from ___ to ___. 500, 810
This is an overall score assigned to your account by the credit bureaus. The ______ the number is, the ______ your rating is. This means, the _______ your credit rating is, the _____ your interest rate will be. higher, better, better, lower
__________ is the interest rate used by most banks and based on the federal fund rate. Prime rate
The _______________ represents how much is still owed on your account from the previous month’s statement. opening balance
Your ________________ represents how much is owed on your account after your most recent payments and purchases are taken into account. closing balance
There are three national credit bureaus: 1. Equifax 2. Experian 3. Transunion
There are _ main criteria credit bureaus use to determine your credit rating or score. 5
These five criteria are: 1. Payment history 2. How much you owe 3. Length of credit history 4. How much new credit 5. What types of credit
______________ are normally used for various types of big ticket purchases individuals routinely make. Personal loans
The _________ is the actual amount of money you borrowed from the lender for your purchase. principal
The ____ is the length of time the loan is set up for you to pay it back. term
When you put up collateral for a loan, it is said to be a ____________. secure loan
__________ is an asset, usually what is being purchased, which the bank owns the rights to until the loan is paid in full. collateral
You can deposit money into a ________ _______ ___ _____ ______ ____________ at any time. personal savings and money market account
You can only make a deposit when you open a __. CD
A federally sponsored corporation which insures accounts in national banks and other qualified institutions up to $100,000 is called the ____. FDIC
FDIC stands for: Federal Deposit Insurance Corporation
How much a person makes relative to how much they are obligated for is called _______________ ratio. debt-to-income
The three types of investment accounts are: taxable, tax-deferred, and tax-exempt.
There are three areas you must consider when choosing an investment. They are: Liquidity, risk and return.
A ______ is what you make or earn on an investment. return
What are the 3 major stock markets reported here in the US? 1. NASDAQ 2. Dow Jones 3. S & P 500
What are four basic types of risk categories in investing? 1. Low Risk 2. Limited Risk 3. Moderate Risk 4. High Risk
________ investments provide a guaranteed return or principal to the investor in addition to interest earned during the investment period. Low-risk
____________ investments are in companies and governments who are well established, pay dividends and are known for their consistent growth. Limited-risk
_____________ investments are generally in companies who have room for growth. Moderate-risk
________ investments are generally on speculative investments, such as futures, brand new companies and high-yield bonds. High-risk
_________ are a portion of a corporation’s assets paid to stockholders on a per share basis. Dividends
An ___________ is when the company makes a profit and then pays its investors a dividend based on that profit. income stock
A ___________ is a company which experiences growth and its stock value increases where the investor can make money when he decides to sell the stock. growth stock
________________ are named as such because they usually hold their value better during downturns in the economy and the capital markets. Defensive stock
_____ represent a loan which is being made to a corporation or government entity by a group of investors. Bonds
__________ is another term for how much return the fund has earned in the past. Performance
____ is the level of likelihood you may earn or lose the money you invest. Risk
_________ allows individuals to collectively share the cost of such losses by paying their money into one large pool of money, making it more affordable for everyone to cover a financial loss if it occurs. Insurance
_______ an amount of money we might pay to an insurance company on a monthly or an annual basis for the payment of that insurance. Premium
__________ the amount of that loss you are going to suffer yourself before the insurance company pays their portion of the loss. Deductible
____________ is used to provide financial support in the event of your death to your dependents so their lives can continue, at least financially, after you are gone. Life Insurance
What are two basic types of life insurance policies? 1. Term 2. Cash Value
A ______________ policy is where the face value decreases each year. decreasing term
A _______________ policy’s premiums are adjusted, usually higher, each year when the policy is reviewed and renewed. annual renewable
A ___________ policy is when your premium in year one is going to be the same as it will in the final year of the policy. level premium
________ is an insurance program designed for low-income individuals in low-income households. Medicaid
________ are specific types of losses which will not be covered in the homeowner’s policy. Exclusions
_____________ is probably the most common form of insurance. Auto Insurance
The _____ your credit score, the _____ your premium will be. lower, higher
Most every U.S. citizen must file a federal income tax return on or before _________. April 15th
You receive your income information from employers on ___ form. W-2
When you are hired as contract labor you receive a ____ to show your income information. 1099
The most basic tax form is the short form or ______. 1040EZ
Which form is the most commonly used tax form? 1040
If you make a mistake on your taxes, you can amend your tax return by filing a _____ form. 1040X
IRS stands for: Internal Revenue Service
The main reason the government collects taxes is for _______. revenue
The most common tax on the federal level is the ___________________. Federal Income Tax
A _____ tax is usually a flat percentage of an item you purchase. sales
Before you ever receive your first paycheck, you will have to fill out a ___ form for your employer. W-4
Fill in the lines below to show the order of a 1040 Form 1. Gross Income 2. Adjustments 3. Adjusted Gross Income 4. Exemptions 5. Deductions 6. Taxable Income 7. Credits 8. Taxes Paid 9. Refund or Amount Owed
Created by: fearless4
 

 



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