money matters final
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Your goal in developing a ________plan is to be able to pay all of your expenses each month and put money into a savings or investment account and having a good spending plan in place will help you achieve this goal. | spending
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| first section of a spending plan | income
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| Do not ever provide information in an e-mail directly in the _____ of the e-mail or in an _______which contains your personal information. | body
attachment
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| goal to achieve in less than 12 months | short term goal
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| goal to achieve in more than 12 months but less than 5 years | intermediate goal
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| goal to achieve in more than 5 years and up to 30 years | long term goal
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| 3 things to keep in mind when choosing a bank | convenience, service, cost
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| one of the most widely recognized of the banking institutions because they have been so well known throughout the years. | commercial bank
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| don't have a physical location | virtual bank
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| when you use a debit card, the money is taken from your account | immediately
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| top 2 features of online banking | convenience and security
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| examples of income | interest paid to you
mowing lawns
paycheck
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| examples of fixed expenses | mortgage
car payment
car insurance
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| examples of variable expenses | groceries
gas
utilities
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| examples of discretionary expenses | new iPad
movies
new TV
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| 2 basic forms of credit | credit card
installment loan
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| percentage of interest you pay on an annual basis based on how much you have borrowed. | annual percentage rate
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| you must pay at least the ____ payment to avoid additional fees on your credit card bill | minimum
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| when you stop making payments on a loan | default a loan
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| 3 things that affect credit card costs | annual fee
finance charge
grace period
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| credit scores range from | 500-810
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| the higher the number the | better the rating
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| the better the rating the | lower the interest rate will be
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| interest rate used by most banks, based on federal fund rate | prime rate
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| how much is still owed on your account from the previous month | opening balance
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| how much is owed on your account after your most recent payment and purchases | closing balance
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| 3 national credit bureaus | Equifax
Experian
Transunion
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| how many times can you get a free copy of your credit score per year? | once
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| 2 components that make up credit history | consumer credit info
public record
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| 5 criteria to determine credit rating | payment history
how much you owe
length of credit history
new credit
types of credit
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| used for various types of big purchases individuals make | personal loan
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| actual amount of money borrowed | principal
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| length of time the loan is set up for | term
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| collateral makes a loan | secure
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| an asset, usually what's being purchased, the bank owns rights to | collateral
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| you can deposit into at any time | personal savings and money market
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| you can only make a deposit when you open a | CD
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| federally sponsored corporation which insures accounts in national banks and other qualified institutions up to 100,000 | FDIC
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| FDIC stands for | federal deposit insurance corporation
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| how much you make versus how much you're obligated for | debt to income ratio
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| 3 types of investment accounts | taxable
tax deferred
tax exempt
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| 3 areas to consider when choosing an investment | liquidity
risk
return
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| 3 major US stock markets | NASDAQ
Dow Jones
S&P 500
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| 4 basic types of risk categories | low risk
high risk
moderate risk
limited risk
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| provide a guaranteed return to the investor | low
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| in companies who are well established and known for growth | limited
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| in companies who have room for growth | moderate
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| on speculative investments | high
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| portion of a company's assets paid to stockholders | dividends
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| when the company makes a profit then pays its investors | income stock
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| a company experiences growth and its stock value increases | growth stocks
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| hold their value better during downturns | defensive stock
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| represent a loan which is being made to a corporation | bonds
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| a term for how much return the fund has earned in the past | performance
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| level of likelihood you may earn or lose what you invest | risk
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| makes it more affordable to cover losses by sharing cost with a large group of people | insurance
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| amount of money payed to an insurance company on a regular basis to pay for insurance | premium
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| amount of loss suffered before insurance | deductible
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| provides financial support in the event of a death | life insurance
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| 2 basic types of life insurance policies | term
cash value
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| face value decreases every year | decreasing
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| adjusted premiums every year | annual renewable
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| when the policy never changes | level premium
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| insurance designed for low income homes | medicaid
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| pays a percentage of income when you're unable to work | disability insurance
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| health plan for individuals over 65 | medicare
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| specific losses not covered | exclusions
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| most common form of insurance | exclusions
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| the lower your credit score | the higher your premium will be
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| tax returns must be filed before or on | April 15
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| receive income info on | w-2 form
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| when you're hired as a contact labor you receive a | 1099 form
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| most basic or short form | 1040EZ
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| form most commonly used | 1040
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| if you make a mistake you can fix it on a | 1040X form
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| IRS stands for | internal revenue service
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| main reason taxes are collected | revenue
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| most common federal tax | income tax
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| a flat percent of an item you purchase | sales tax
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| before you receive your first paycheck you must fill out a | w-4 form
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| amount of money held from your check to cover income tax | federal withholding
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| order of a 1040 form | gross income
adjustments
adjusted gross income
exemptions
deductions
taxable income
credits
taxes paid
refund/amount owed
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Created by:
moriahr25
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