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Personal Finance

QuestionAnswer
Emergency Fund money set aside for any unexpected emergencies
Diversification making a variety of investments to reduce the risk of losing money
Credit Report an individual’s history or credit usage, debt, and other factors
Stock Exchange systems made to trade shares of different stocks
Need something you can’t live without (food, water, shelter, etc.)
Debt total amount of money an individual owes back to other people
Savings Account a type of income investment
Bonus an extra benefit given to you or your team if you perform exceptionally well
Asset any valued item that can be turned into cash
Scholarship an award usually for athletics and academics that covers part of or the full college tuition for an individual
When Using A Credit Card... you buy now and pay later
There Is No 100% Surefire Way To Protect You From... identity fraud and theft
The Higher Your Credit Score... the lower your interest rate will be for loans and credit cards.
You Can Check Your Credit Score For The Cost Of... nothing
A Mortgage Payment Is An Example Of... a fixed expense
People That Maintain A Spending Plan/Budget Are... less likely to go into debt
On Of The Single Greatest Assets An Individual Can Have Is... earning power
Even With Cash Tips, You Must Pay... income taxes
Benefits Are Not Always... the same
The Number One Reason Why Students Drop Out Of Higher Education Programs Is... financial struggles
The Person Responsible For Reporting Identity Fraud/Debt Is... the victim
If You Lose Your Credit Card, You Should... notify your lender
Different Types Of Credit car loans, student loans, credit cards
Overtime Payment a 1.5x increase in payment an employee receives for each hour worked passed 40
Someone May Like To Start Their Own Business Because... they decide their own hours, their own benefits, their own supplies, and have more creative freedom
The Only Person Who Can Legally Cash In A Check Is... the person the check was written out to (payee)
Commision pay is based on a percentage of the cost of items or services sold
Stock a type of growth investment
Apprenticeship an opportunity to combine on-the-job training with class instruction
Interest what you pay to use another’s person money
Credit a way for you to buy something now and pay for it later
Fixed Expenses a predictable amount of money spent to buy something or do something that is the exact same amount every time (car, mortgage, etc.)
Payee the person to whom a check is made payable
Opportunity Costs giving up the next best choice when making a decision
Income any money you receive such as an allowance or paycheck
Checkbook Register a booklet used to record checking account transactions
Minors Can Buy Stocks And Bonds... before they are 18 with assistance of a parent/guardian
Most People Become Wealthy By... investing their money where it will grow (stocks, bonds, etc.)
To Start A Retirement Fund, You Must... earn income at any age
The Best Time To Start Investing Is... now!
You Should Check You Credit Report... at least once a year
An Employer-Sponsored Retirement Savings Plan Is NOT... required for every employer to provide for their employees
The Job You Choose Is A Major Factor In... selecting your future financial goals
A Benefit Of Writing A Check Is... you have proof of payment
You Are Not Guaranteed To Make Money When You... invest
Buying Real Estate And Businesses Are... another way to invest your money
The Person Responsible For Confirming Your Bank Account Balance Is... you!
Online Banking Allows You To... check your account balance, direct deposit a paycheck to your account, & receive alerts when your account information has been changed
Mobile Banking Allows You To... deposit a paycheck to your account, receive alerts when your account information has been changed, & transfer money from your account to someone else’s account
At An ATM, You Can... check your account balance, get cash from your account, & deposit a paycheck to your account
If You Live Far Away From Where Your Bank Is Located, It Is Smart To... use online banking
The Person Responsible For Verifying Your Bank Information And Detecting Any Error Or Fraud Is... you!
Risk-To-Return Relationship the higher the risk, the higher the return rate
A Safe Investment With No Risk Of Losing Money Is... putting your money in a savings account
Regular Pay Equation regular pay = regular hours x regular rate
Overtime Rate Equation overtime rate = regular rate x 1.5
Overtime Pay Equation overtime pay = overtime hours x overtime rate
Gross Pay Equation gross pay = regular pay + overtime pay
Calculate Tax By... taking the given percent of the gross pay
Net Pay Equation net pay = gross pay - deductions
Interest Ending Balance Equation ending balance = beginning balance x (%/100)
On A Checkbook Register, An Amount Of Payment Means To... subtract money
On A Checkbook Register, An Amount Of Deposit Means To... add money
Created by: abievans
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