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Investing - Unit 1

Investing - Financial Situation

QuestionAnswer
The total amount of money earned before any deductions are made Gross Pay
The amount left after all deductions are taken out of the gross pay Net Pay
Federal Income Tax, State Income Tax, Local Income Tax, Social Security, Medicare Deductions
Deductions that employers may take directly out of employee paychecks to pay for Benefits
Whatever you give up when making a decision Opportunity Cost
You must give something up if you want to get something Trade-off
Unlimited wants and limited resources explains the concept of________ Scarcity
Save it, Invest, it, Spend it, Donate it What can People Do with Money?
Something a person intends to acquire, achieve, or accomplish Goals
Less Than 1 Year Short Term Goal
Greater Than 1 Year Long Term Goal
Specific objective involving finances Financial Goal
Set aside a portion of money for saving each time a person is paid before spending any of the money Pay Yourself First
1. Unexpected Events and Emergencies 2. Purchase Expensive Items Why Save?
Keeps money safe, Earns Interest, Withdrawn at anytime Savings Account
Pays a Higher Interest Rate, Can be withdrawn a limited number of times each month Money Market Account
Earns Interest, Money is required to stay for a specific period of time, All money can be withdrawn at the end of the time period Certificate of Deposit
Allocating money for a particular purpose Budget
Expenses that don't change month to month Fixed Expenses
Expenses that change or vary month to month (You can control how much is spent) Variable Expenses
Assets - Liabilities Net Worth
Anything of value that is owned Asset
An amount owed to a lender Liability
Money saved with Net Income, Income is earned in account, taxes are paid annually, income is claimed on tax return Taxable Accounts
Tax on income earned is paid at a later date Tax Deferred
Before the payroll taxes are withdrawn Pre-Taxed Income
An employer sponsored retirement account, the employer makes contributions, to become vested you may have to work for a specified number of years, at retirement the employee receives a set amount based on wages and years of service Defined Benefit
An employer sponsored retirement account, the employee and employer can make contributions, at retirement the employee gets to withdraw whatever money is needed, the money withdrawn at retirement is taxed Defined Contribution
Individuals can set aside a specific amount of money each year, taxes are paid when withdrawls are taken, the contributions can be deducted from income on tax returns Individual Retirement Account
Individual retirement account, where contributions cannot be deducted from income on tax return and the earnings are not taxed at retirement when withdrawals are taken Roth IRA
Created by: mryan396