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money matters 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
first section of a spending plan 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
goal to achieve in less than 12 months short term goal
goal to achieve in more than 12 months but less than 5 years intermediate goal
goal to achieve in more than 5 years and up to 30 years long term goal
3 things to keep in mind when choosing a bank convenience, service, cost
one of the most widely recognized of the banking institutions because they have been so well known throughout the years. commercial bank
don't have a physical location virtual bank
when you use a debit card, the money is taken from your account immediately
top 2 features of online banking convenience and security
examples of income interest paid to you mowing lawns paycheck
examples of fixed expenses mortgage car payment car insurance
examples of variable expenses groceries gas utilities
examples of discretionary expenses new iPad movies new TV
2 basic forms of credit credit card installment loan
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 ____ payment to avoid additional fees on your credit card bill minimum
when you stop making payments on a loan default a loan
3 things that affect credit card costs annual fee finance charge grace period
credit scores range from 500-810
the higher the number the better the rating
the better the rating the lower the interest rate will be
interest rate used by most banks, based on federal fund rate prime rate
how much is still owed on your account from the previous month opening balance
how much is owed on your account after your most recent payment and purchases closing balance
3 national credit bureaus Equifax Experian Transunion
how many times can you get a free copy of your credit score per year? once
2 components that make up credit history consumer credit info public record
5 criteria to determine credit rating payment history how much you owe length of credit history new credit types of credit
used for various types of big purchases individuals make personal loan
actual amount of money borrowed principal
length of time the loan is set up for term
collateral makes a loan secure
an asset, usually what's being purchased, the bank owns rights to collateral
you can deposit into at any time personal savings and money market
you can only make a deposit when you open a CD
federally sponsored corporation which insures accounts in national banks and other qualified institutions up to 100,000 FDIC
FDIC stands for federal deposit insurance corporation
how much you make versus how much you're obligated for debt to income ratio
3 types of investment accounts taxable tax deferred tax exempt
3 areas to consider when choosing an investment liquidity risk return
3 major US stock markets NASDAQ Dow Jones S&P 500
4 basic types of risk categories low risk high risk moderate risk limited risk
provide a guaranteed return to the investor low
in companies who are well established and known for growth limited
in companies who have room for growth moderate
on speculative investments high
portion of a company's assets paid to stockholders dividends
when the company makes a profit then pays its investors income stock
a company experiences growth and its stock value increases growth stocks
hold their value better during downturns defensive stock
represent a loan which is being made to a corporation bonds
a term for how much return the fund has earned in the past performance
level of likelihood you may earn or lose what you invest risk
makes it more affordable to cover losses by sharing cost with a large group of people insurance
amount of money payed to an insurance company on a regular basis to pay for insurance premium
amount of loss suffered before insurance deductible
provides financial support in the event of a death life insurance
2 basic types of life insurance policies term cash value
face value decreases every year decreasing
adjusted premiums every year annual renewable
when the policy never changes level premium
insurance designed for low income homes medicaid
pays a percentage of income when you're unable to work disability insurance
health plan for individuals over 65 medicare
specific losses not covered exclusions
most common form of insurance exclusions
the lower your credit score the higher your premium will be
tax returns must be filed before or on April 15
receive income info on w-2 form
when you're hired as a contact labor you receive a 1099 form
most basic or short form 1040EZ
form most commonly used 1040
if you make a mistake you can fix it on a 1040X form
IRS stands for internal revenue service
main reason taxes are collected revenue
most common federal tax income tax
a flat percent of an item you purchase sales tax
before you receive your first paycheck you must fill out a w-4 form
amount of money held from your check to cover income tax federal withholding
order of a 1040 form gross income adjustments adjusted gross income exemptions deductions taxable income credits taxes paid refund/amount owed
Created by: moriahr25