Taxes
What is gross pay?
How much an employee makes before takes, deductions and benefits are taken out.
What is insurance?
Transfers the risk from the individual to the insurance organization.
What is considered estate planning?
Organizing and arranging/managing and distributing your assets upon your death or incapacitation.
What are stocks?
A share of a company's assets?
What are smart contracts?
Automatic computer programs that do things for you.
What is a W-2?
Tax form that shows important info about the income you've earned, taxes withheld, benefits provided.
What is coinsurance?
The percentage you pay once your deductible is met.
What is a will?
A legal document that details asset distribution and guardianship.
What is cryptocurrency?
Digital or virtual currency.
What are high yield savings accounts?
A savings account that pays a higher interest rate than a regular savings account.
What is Net Income?
This is income after tax.
Name a few types of insurance.
Health, Life, Dental, Homeowners, Pet, Renters, etc.
What is the difference between revocable and irrevocable trust?
Revocable can be canceled or changed while irrevocable cannot.
Name a few P2P payment services.
Venmo, Paypal, Cash app, etc.
Name three types of retirement.
Roth IRA, Traditional IRA, 401K.
What is excise tax? And give a few examples.
indirect tax on certain things like tobacco, fuel, and alcohol
What is a premium?
A monthly payment for your plan.
What is a trust fund?
Money/property put into a trust for someone to receive.
What is the difference between banks and credit unions?
Credit unions aren't for profit.
What is debt management?
A way to get your debt under control through budgeting and planning.
Name a few social programs funded by taxes.
Medicaid, SNAP, Social Security, School Meal Programs, etc.
What affects health insurance cost?
Age, plan type, health, location.
What is a power of attorney?
Someone that has legal authority to make health decisions for you or handle your finances if you're unable.
What is the FDIC?
An agency created by Congress that maintains stability and public confidence in the nation's financial system.
What is the difference between loans and grants?
Loans must be paid back.