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Money Matters
| 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 |
| 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
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