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money matters final
| Question | Answer |
|---|---|
| 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
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