Money Matters Word Scramble
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Question | Answer |
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 |
The first section of a spending plan is | income |
Which form is the most commonly used tax form? | 1040 |
IRS stands for | Internal Revenue Service |
The main reason the government collects taxes is for | revenue |
The most common tax on the federal level is the | Federal Income Tax |
The amount of money withheld from your paycheck to cover the income tax you owe is called | Federal withholdings |
is used to provide financial support in the event of your death to your dependents so their lives can continue, at least financially, after you are gone. | Life Insurance |
You receive your income information from employers on | W-2 |
The most basic tax form is the short form or | 1040EZ |
is one of the most widely recognized of the banking institutions because they have been so well known throughout the years. | commercial bank |
do not have physical locations you are able to walk into and do your banking. | Virtual Banks |
Each time you use a debit card, the money is taken from your account almost | immediately. |
The top two features of online and mobile banking are convenience and | security |
Utilities | Variable Expense |
Groceries | Variable Expense |
Gas | Variable Expense |
Mortgage | Fixed Expense |
Car Payment | Fixed Expense |
Car Insurance | Fixed Expense |
New Ipad | Discretionary Expense |
Movies | Discretionary Expense |
New Television | Discretionary Expense |
Interest Paid to you | Income |
Mowed Neighbor’s Lawn | Income |
Paycheck | Income |
Credit scores range from | 500 to 810. |
is the interest rate used by most banks and based on the federal fund rate. | Prime rate |
There are ___ main criteria credit bureaus use to determine your credit rating or score. | 5 |
These five criteria are: | 1.payment history 2.how much you owe 3.length of credit history 4.how much new credit 5.what types of credit |
are normally used for various types of big ticket purchases individuals routinely make. | Personal Loans |
The ____ is the actual amount of money you borrowed from the lender for your purchase. | principal |
The ____ is the length of time the loan is set up for you to pay it back | term |
When you put up collateral for a loan, it is said to be a | secured loan |
is an asset, usually what is being purchased, which the bank owns the rights to until the loan is paid in full. | Collateral |
You can only make a deposit when you open a | CD |
A federally sponsored corporation which insures accounts in national banks and other qualified institutions up to $100,000 is called the | FDIC |
FDIC stands for | Federal Deposit Insurance Corporation |
How much a person makes relative to how much they are obligated for is called | debt-to-income ratio |
The three types of investment accounts are | taxable, tax-deferred, and tax-exempt. |
Created by:
ColtonJaster
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