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pf final 2
| Question | Answer |
|---|---|
| This type of account is connect to your debit card | Checking account |
| A monthly fee that some banks charge to keep your account open | Maintenance fee |
| This federal insurance program protects the money you deposit in member banks up to $250,000 per depositor, per bank | FDIC |
| This stock market index represents 500 of the largest companies listed on stock exchanges in the United States | S&P 500 |
| This investment vehicle automatically adjusts your investments based on a planned retirement year | Target Date Fund (TDF) |
| This strategy involves spreading investments across different assets to reduce risk | Diversification |
| The amount borrowed by someone for a loan | Principal |
| An initial payment made when buying something expensive, such as a car or house | Down Payment |
| The lowest amount you can pay on your monthly credit card bill to remain in good standing | Minimum Payment |
| A record of how you've managed loans and payments over time | Credit Report |
| This payment method can help you build credit and requires a cash deposit | Secured Credit Card |
| This strategy for debt repayment starts with the highest interest-rate debts | Avalanche Method or High Rate Method |
| Money you borrow for college and need to repay | Student Loans |
| Sticker price- gift aid = | Net Price |
| The form submitted by students to determine their eligibility for financial aid | FASFA |
| SHORT ANSWER: Who is one person that might ask to see your credit report? | Employer Insurance Company Credit Card Companies Landlords Government Agencies and Courts Public Utilities Telecommunication Companies Assisted Living Facility or Nursing Home |
| SHORT ANSWER: What is one way to reduce the overall interest you pay on a loan | Make a higher down payment Choosing a shorter loan term Finding a lower interest rate Making additional payments above the minimum |
| Used to apply for jobs, this document out lines your skills and experiences | Resume |
| A social media site for professional networking | |
| Some jobs offer this valuable retirement plan as a benefit | 401(k) |
| This type of car insurance covers you if you cause injuries or property damage for someone else | Liability Coverage |
| If you want a lower deductible and higher coverage limit, you will pay a higher monthly _______. | Premium |
| Insurance companies use this strategy to afford large payouts by collecting premiums from a large group | Risk Pooling |
| This date is the typical deadline for Americans to file their taxes | April 15th |
| Employees receive this form each January that summarizes their earnings and taxes for the previous year | W-2 |
| Fill out this form when you start a new job to determine how much your employer withholds in taxes | W-4 |
| The 50/30/20 rule divides your budget to spend: 50% on _______ 30% on wants 20% on savings | Needs |
| Your total earnings BEFORE taxes or deductions are taken out | Gross Pay |
| If your expenses are higher than your income, you have a budget ________. | Deficit |
| The practice of analyzing different options when buying something | Comparison Shopping |
| Design choices made to manipulate you, like adding a countdown timer or hiding the unsubscribe button | Dark Patterns |
| A fake email pretending to be your bank to steal login details is an example of this kind of scam | Phishing |
| SHORT ANSWER: What is one step you can take to protect yourself from identity theft? | Check your bank statements each month to verify transactions Use secure websites that start with "https" Use secure Wifi networks Shred sensitive documents and banking cards Enable 2-factor authentication Lock/ protect your cell phone Strong Pass |
| SHORT ANSWER: What is one common deduction that shows up on a paycheck? | FICA: Social Security and Medicare Income taxes (federal, state, local) 401(k)retirement contributions Health insurance premiums Less common deductions: wage garnishment, union dues, job expenses, long-term disability, life insurance |
| The process that makes your money grow faster over time by reinvesting your earnings (interest or capital gains) | Compounding |
| SHORT ANSWER: One factor used to calculate credit score? | payment history amounts owed length of credit history new credit credit mix |
| This alternative to a debit card doesn’t require a bank account, but often comes with higher fees and lacks consumer protections | Prepaid Card |
| Taxpayers must complete this form every year to file their taxes | 1040 |
| When paying for college, prioritize these TWO forms of gift aid that don’t need to be repaid | Grants and Scholarships |
Created by:
random567