Money Management
Examples of long-term financial goals
Retirement, college, home-ownership
The amount of money you have to pay each month to have an insurance policy.
Premium
The tax form you complete at the start of a new job to record wages and dependents.
W-4
One example of predatory lending is offering a type of interest that builds on principal AND previous interest. This type of interest is called...
Compound
Sally has a life insurance policy for $50,000, so when she dies her family will get $50,000. This payout is called the...
Death benefit or face value
You offered salary or wage (before tax) would be considered what kind of pay?
Gross pay
The amount of money you have to pay out of pocket before your health insurance plan kicks in and helps.
Deductible
Pat has a savings account and a car loan from a not-for-profit financial institution owned by its members. She is probably a member of what type of financial institution?
Credit Union
A credit card is an example of a type of loan that does NOT require collateral. What is this type of loan called?
Unsecured
Central Bank of the U.S.; regulates Monetary Policy
The Fed
Protecting and organizing financial documents is crucial because you will need them for many things. List 3 things that you may need financial documents for.
Renting/buying a home
Taxes
Getting a credit card
Opening a new bank account
Completing onboarding paperwork for a new job
A prolonged period of stock decline
Bear market
A line of credit for checks your account can't cover.
Overdraft protection
What is the main factor that makes up credit score?
Character - repayment history
An auto insurance coverage designed to protect you if you get into a crash and it was your fault.
Liability coverage
Money received today is worth more than the same amount of money received sometime in the future is:
Time Value of Money
The Dow, NASDAQ and S&P are all examples of...
Stock indexes
The form given to you from your employer to help you fill out your taxes?
W-2
300-850
________ is a tax used to fund the Social Security system
FICA
Term for the amount of money originally borrowed
principal
Tells you how long it will take for an investment to double in value
Rule of 72
The tax form that for those that make less than $100,000 and claim no deductions.
1040EZ
This is a popular type of payment plan around the holidays
Layaway
Property Tax is tax paid on?
houses, cars, businesses, land