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Finance Budget Exam

QuestionAnswer
The difference between the rich and the poor Wealthy are proactive in budgeting, poor are reactive
Ultimate goal Achieve peace of mind, live the life you want
Determining Net Worth Assets = Liabilities + Net Worth or A - L = OE (net worth)
Appreciable Assets vs. Depreciable Assets Homes vs Cars
Why should you buy 2 years of toothpaste A dollar today is worth more than a dollar tomorrow & Tooth paste does not expire
Fixed Rate The amount you owe a month and the rate remains the same.
Adjustable Rate Rate starts lower and future rate depends on the Fed. (5/1 ARM or 10/1 ARM)
Jumbo Mortgage Over 800,000 and have a higher rate due to increased risk
PMI - Principle Mortgage Insurance additional fee if you do not make a 20% deposit.
Down payment on a house 20%
Front-loaded loan interest Large portion of money pays interest in the beginning instead of the principle amount
Homeowners Insurance - What it is affected by proximited to the water, building materials
Student Loan Debt rates between 3-7% - Typically $350 a month for 10 years
Health Insurance Under parents' until age 26
Setting up your w-4: Deductions vs. Allowances Taxes are withheld
Gross Pay vs. Net Pay Gross does not remove deductions vs. After deductions
W-2 A tax form that shows your previous salary and your taxes withheld
1099-INT A tax form that tells how much interest you have made.
Standard Deductions $15,750 if single, $30,000 if married and filing jointly
Itemized Deductions Deductions based on items that can be written off.
Tax Bill When you under pay the government in taxes
Tax Refund When you over pay the government in taxes
Created by: not_shane415
 

 



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