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Money Matters

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
Which form is the most commonly used tax form? 1040
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
The amount of money withheld from your paycheck to cover the income tax you owe is called Federal withholdings
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
You receive your income information from employers on W-2
The most basic tax form is the short form or 1040EZ
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
Utilities Variable Expense
Groceries Variable Expense
Gas Variable Expense
Mortgage Fixed Expense
Car Payment Fixed Expense
Car Insurance Fixed Expense
New Ipad Discretionary Expense
Movies Discretionary Expense
New Television Discretionary Expense
Interest Paid to you Income
Mowed Neighbor’s Lawn Income
Paycheck Income
Credit scores range from 500 to 810.
is the interest rate used by most banks and based on the federal fund rate. Prime rate
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 secured 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 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 debt-to-income ratio
The three types of investment accounts are taxable, tax-deferred, and tax-exempt.
Created by: ColtonJaster