Economics
What type of economic system is used in the United States?
Mixed
FICA = _______ + ________
Social Security + Medicare
Name 2 examples of a fixed expense.
Rent
Car payment
Insurance
Retirement
The FDIC and NCUA insures up to this amount.
$250,000
The amount you pay each month for insurance coverage.
Premium
A measure of the change in prices over time of a specific group of goods or services
Consumer Price Index
What is 1 thing the federal government uses its revenue on?
National Defense, Military
Debt owed to others.
Which type of endorsement should be used while making a mobile deposit?
Restricted
The individual who receives any proceeds if the insured person dies.
Beneficiary
Define inflation.
The rise in the general level of prices.
You need one of these, from each employer, in order to file your taxes.
W-2
Which type of income is considered after taxes and deductions have been made?
Net Income
What is the purpose of reconciling your bank account?
To check for accuracy.
What is the main purpose of having insurance?
Transfer risk from you to the insurance company.
Provides financial security and peace of mind.
How is price affected if competition (supply) increases and demand stays the same?
Price decreases
A person who relies on another person financially.
Dependent
Name 3 examples of flexible expenses.
Gas
Utilities
Car Maintenance
Personal Care
Entertainment
Recreation
Gifts
Why should investors diversify their investment portfolio?
decreases risks
"don't put your eggs all in one basket"
spread out risk
You break your arm skiing during a ski trip at the beginning of the year. The total hospital bill is $3,500. How much will you be responsible to pay if you have a $500 deductible and 20% co-insurance?
3,500-500 = 3,000
3,000 x .2 = 600
500 + 600 = $1,100
Name 3 things the Federal Reserve regulates.
1. interest rates
2. buying and selling of government bonds
3. the money supply and available credit issued
Which type of tax system is our federal income tax system?
Progressive
What is the first step to planning a budget?
Record and make an estimate of all income.
Put the following in order of highest risk to lowest risk.
CD
Stocks
Checking account
401k
Stocks
401k
CD
Checking account
What are 3 differences between HMO and PPO?
In-network coverage - HMO
Out of network coverage - PPO
Primary Care Physician - HMO
Referral - HMO