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Econ EOC 2

QuestionAnswer
What is a diverse portfolio? Diversification is a common investing technique used to reduce your chances of experiencing large losses.
How does investing in the stock market differ from putting money in a savings account at a bank? Investing allows you to accumulate wealth for retirement while saving is best for short-term purchases or emergencies
What is THE question an investor should ask before investing in a Roth IRA or a Traditional IRA? When do you want to pay your taxes? Roth IRA already have taxes taken out of them, but Traditional IRAs tax your money when you take them out.
Which investment is an IOU issued by a company that makes a regular coupon payment to investors? A bond
What percentage of your income should go into your emergency fund? 20% should go towards your emergency fund
Why is compound interest more advantageous than simple interest? Compound interest is more advantageous than simple interest because the interest will build not only on the initial payment, but also on past interest as well.
When you invest in an IOU, what does the maturity date tell you? The maturity date tells you when the bond must be paid back.
What does the term "withholding" mean in reference to your paycheck? Money that your employer withholds from your paycheck to pay for taxes.
Two reasons to check your bank statements. To see how much you spent that much, and ensure there are no unauthorized charges on your card.
What are the three largest categories of federal government spending? The three largest categories of federal government spending are healthcare, Social Security, and Defence.
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes? A W-4 determines how much is withheld from your paycheck.
Define FDIC. The FDIC is the Federal Deposit Insurance Corporation and it protects your money if the bank cannot pay you back.
What is a 401K? What does the term vesting mean in relation to your 401K? A 401K is a retirement account that your employer organizes. When you vest in a 401K you give up a portion of your paycheck to be put into the 401K account.
When you receive your W2, what are two important things listed you will need to file your taxes? What you need on your W2 to file taxes are your name, address, gross income, and SSN
If you leave a company before you are vested do you keep any of your 401 money? You get the money you put in, but not the money they put in.
What tax form am I? I am accepted when you start a job. You use me to prove that you are eligible to work in the U.S., and you must provide forms of identification when submitting me. An I9
How is regular savings and a certificate of deposit different? A certificate of deposit earns more interest than a savings, but you cannot touch it without paying a huge fee.
What is a good strategy to help you avoid overdraft fees? Keeping track of your transactions and checking your bank statements.
Juan saved $1,000 from his summer job cleaning pools. Which of these savings vehicles would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate? A (CD) or certificate of deposit would work best for Juan.
The shorter your term length, the your monthly payments, and the the total interest you will pay. more, less
Compare credit and debit cards A credit card borrows money you have to pay back and builds credit while a debit card is your own money.
How would you determine a family’s actual wealth? You would take all that you own and subtract all that you owe to determine your wealth. All of your assets like your home, vehicles, etc, minus all of your liabilities such as credit card debt and student loans to determine your wealth.
Date for filing taxes without an extension. April 15 is the last day to file taxes without an extension.
Created by: MariahRogers
 

 



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