Emergency Funds
What is the suggested number of months an Emergency Fund should include?
3 to 6
Filing taxes is a and helps fund government services and programs.
Legal Requirement
What are the two main types of financial support typically awarded after separation or divorce?
Child Support and Alimony
When does the FAFSA application period open each year?
October 1st
Which type of inflation occurs when there are "too many dollars chasing too few goods"?
Demand-Pull Inflation
An Emergency Fund empowers you to handle unexpected expenses without derailing your ?
Financial Goals
Obtain financial forms from employers, banks, and other income sources by each year.
January 31st
Until what age or event does child support typically continue?
Until the child turns 18 or graduates high school
Which of the following is considered a "last resort" funding option for college?
Private Student Loans
What is the main tool used to measure inflation in the United States?
Consumer Price Index (CPI)
When replenishing your emergency funds, you should treat your withdrawals as a?
Loan
A is a dollar-for-dollar amount taxpayers claim on their tax return to reduce the income tax they owe. Eligible taxpayers can use them to reduce their tax bill and potentially increase their refund.
Tax Credit
Which type of alimony is designed to help until the recipient becomes self-sufficient?
Rehabilitative
What is the standard repayment period for federal student loans?
10 Years
What is the Federal Reserve's target inflation rate?
2%
= Housing + Utilities + Food + Transportation + Insurance + Debt Payments + Miscellaneous.
Total Monthly Expenses
Which tax credit can only reduce the tax liability to zero?
Non-Refundable
What type of alimony involves a one-time payment?
Lump-Sum
How far in advance should students typically begin their scholarship search?
12-18 Months before college
What historical period experienced significant inflation in the United States?
1945-1955
In replenishing your emergency fund one should, reduce expenses until the fund is restored.
Variable
Two types of tax deductions were discussed in this unit, what were they?
Standard & Itemized
What document can help establish support terms before marriage?
Prenuptial Agreement
What term describes the period after graduation before loan repayment begins?
Grace
What economic condition represents an extreme case of uncontrolled price increases?
Hyperinflation