Intro Unit
What are liabilities?
Debts. Any money you owe.
What are hard skills?
What percentage of Americans are actually budgeting?
35%.
What are the three types of government spending?
Mandatory, discretionary, and interest on national debt.
What does it mean to buy stock in a company?
You buy a small piece of ownership in the company.
What is Personal Finance?
Managing your own money.
What three traits does a mentor have?
Accomplished, understanding, and caring.
What is a variable expense?
An expense that fluctuates every month.
What is it when you spend more than you make or what you don't have?
Bear markets are when stock prices are down, bull markets are when stock prices are up.
What percentage of Americans is currently living in some form of debt?
72%.
What three things make up your sweet spot?
Talents (skills), passions, and values.
What are the four walls?
Shelter, food, transportation, and utilities.
What is the difference between income tax and consumption tax?
Income tax is tax on money you earn, while consumption tax is tax on money you spend.
An aggressive growth stock mutual fund is also known as a...
Small-cap mutual fund.
What is interest?
The fee that one must pay for borrowing a lender's money. The cost of doing business.
What four things should your resume have included in it? How long should it be?
Job history, education, achievements or accolades, and any special training or skills. Should be one page.
The Time Value of Money.
Which three wealth taxes does Ohio not have?
Estate, inheritance, and gift taxes.
What is the difference between an IRA and a 401(k)?
A 401(k) is a benefit provided by an employer while an IRA must be started by an individual.
Goals must be... (five things).
Specific, measurable, time-sensitive, your own, and realistic.
What are the four ways of putting the proximity principle into action?
Entry-level jobs, internships, volunteering, and conversations.
What is zero interest and why should you stay away from it?
A marketing scheme that promises no interest on a purchase/loan but really only offers it for a limited time, after which the customer is charged interest from then on, including interest from the zero interest period.
What is the difference between a W-4 and a W-2 form?
A W-4 is filled out by the employee while a W-2 is filled out by the employer.
What are the four things you should NEVER do when investing?
Never invest in something you don't understand. Never borrow money from your retirement account. Never invest for tax savings. Never borrow money to invest.