Important PFET vocab terms for CCBC PFET class
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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| show | Use of knowledge + skills for earning, saving spending, and investing to reach personal, family and community goals
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| Financial Plan | show 🗑
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| Adult Life Cycle | show 🗑
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| Economics | show 🗑
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| show | Rise in prices (without a rise in income)
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| Hidden Inflation | show 🗑
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| Deflation | show 🗑
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| show | The cost of borrowing money
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| show | Achievable in under a year
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| show | Achievable in 2-5 years
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| show | Achievable in 5+ years
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| show | Goals centered on periodically/frequently buying goods that are quickly used (food, clothes, recreational needs)
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| show | Rare and expensive purchases (cars, appliances, sports equipment, boats)
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| Intangiable Goals (nonfinancial goals) | show 🗑
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| show | Smart
Measurable
Action Based
Realistic
Timely
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| Risk Premium | show 🗑
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| show | What you give up when making a choice - a trade off (can be personal or financial)
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| show | Amount of money available at a later date, based on the alteration of an initial deposit through interest, investment, compounding, etc.
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| Present Value (PV) | show 🗑
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| show | The amount of time needed to change the PV to FV
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| The 5 Methods for Calculating TV of $ | show 🗑
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| show | Series of equal deposits/payments
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| Compounding | show 🗑
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| show | How much is necessary to deposit to get desired FV
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| Consumer Price Index (CPI) | show 🗑
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| Robo-Advisor | show 🗑
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| Safe Deposit Box | show 🗑
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| show | Money, and tangible property (liquid assetss, real estate, expensive belongings, investment assets)
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| Liabilities | show 🗑
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| Insolvency | show 🗑
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| show | Summary of cash receipts and payments for a given period
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| Income | show 🗑
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| Take Home Pay (net pay (disposable income) | show 🗑
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| Discretionary Income | show 🗑
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| Fixed Expenses | show 🗑
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| show | Payments that may change from month to month
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| Budget Variance | show 🗑
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| Excise Tax | show 🗑
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| show | Taxing Property of the deceased
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| Inheritance Tax | show 🗑
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| show | Taxes paid at a later date
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| Adjusted Gross Income | show 🗑
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| show | Investments with immediate tax benefits and future financial returns
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| Standard Deduction | show 🗑
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| show | Additional deductions for medical/dental over 10% AGI, casualty/theft loss, contributions to charity
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| W-2 | show 🗑
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| show | Tax from that details interest, dividends, and investment income
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| show | Tax form for self-employment, royalties, retirement, interest and dividends
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| Average Tax Rate | show 🗑
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| show | Makes sure those with excessive tax benefits still pay their fair share in taxes
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| show | Reductions directly from taxes owed (childcare, EIC, foreign, savers, adoption, education)
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| Earned Income Credit | show 🗑
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| show | Tax for that allows for an extension on the 1040 form
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| show | Main tax filing form (used to be three forms, but now complied into one)
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| Tax Audits | show 🗑
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| show | Audit through email that usually references minor errors in tax forms
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| Office Audit | show 🗑
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| Field Audit | show 🗑
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| show | Using legal/legit methods to reduce taxes paid
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| show | Using illegal methods to reduce taxes paid
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| show | Investments that taxes don't have to be paid on
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| show | Profits from the sales of stocks, bonds or real estate that have been owned for over a year (tax-deffered)(not paid until asset is sold)
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| Standard IRA | show 🗑
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| show | Not tax deductible, but earnings after 5 years are tax free (only for people under a certain AGI)
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| show | for self employed business owners, can contribute up to 25% of an employees annual income so long as they're 21+ and have worked with the business for 3+ years
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| show | Tax-defered retirement plan that that's sponsored by an employer with a max acontribution of either $19,500 or 15% of annual income
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| Coverdell | show 🗑
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| show | Education savings account that has no deduction, but earnings are tax free (only for college)
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| Flat Tax | show 🗑
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| Value Added Tax | show 🗑
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To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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