Taxes
What is your income called before taxes are taken out
What is Gross Income
The amount you have to pay before insurance kicks in.
What is a deductible?
This interest is calculated on the initial principal and all the accumulated interest from previous periods.
What is compound interest!
How often should you go to the doctor, even if you are perfectly healthy?
Once a year!
This is how many times your income do you need to rent an apartment
Three times
What is your income called after taxes?
What is net income?
Name 5 common insurance types
What is auto, home, health, life, pet, RV, boat, motorcycle, accident, renters, dental, vision
For this type of investment account, you put in pre-taxed money and don't have to pay taxes on it when you take it out
What is a Roth IRA
Why is it important to regularly go to the dentist?
Teeth, and gum health, heart health,
When you don't make the required minimum to rent an aprtmnet you must have this
A co-signer
When is tax day?
When is April 15th?
A term used to explain the amount you pay for insurance per period.
What is a premium?
For this account, you can use it to save money and earn interest on it. Most accounts offer 3-5%
What is a HYSA (High Yield Savings Account)
A PCP stands for
A primary care physician
This is the typical minimum percentage you need to put down to purchase a house
3%
Claiming a 0 versus a 1 on your W4 results in what
More taxes withheld each paycheck and a larger tax refund
Some insurances require that you pay a small amount each time you visit the doctor or get a prescription, what is the term for this?
A copay
When you invest, you should have a variety of holdings: individual stocks, bonds, index funds, etc. What is this called
Diversification!
If a doctor is not covered by your insurance, this is what it is called
Out of network
This is a form of financial assistance for a home down payment that you don't have to pay back
What is a grant
What is a W2 and a W4 for?
A W4 you fill out when you get hired to determine your withholdings. A W2 is what your employer gives you to file your taxes.
Universities provide health insurance to their students through the ACA (Affordable Care Act). This is called
SHIP (Student Health Insurance Plan)
Name three types of investment accounts
What are 401K, 403 (b), Brokerage account, Roth Ira, High Yield Savings Account
If you don't pay your medical bill, what happens
It stays interest-free until the deadline passes, then it might end up in collections where fees can accrue.
List a type of home mortgage loan
FHA (First-Time Homebuyer), VA (Veteran Loan), Conventional Loan, USDA, ARM (Adjustable Rate Mortgage), Jumbo Loans