credit and debit
Name 6 things on a credit report
Name, SSN, credit score, current previous jobs/addresses, current open accounts, their maximum limit and current balance, any late payments (30, 60, 90 days late?), who has inquired into your report
Opportunity cost
the best option you give up when you make a choice
form 1040EZ
single or married filing a joint return, under 65 no dependents, do not itemize your deduction
savings
Placing money somewhere that it will be safe but likely not grow
revenues
money taken in
Why it hurts to not pay debts/have bad credit
cannot get home/auto loan or have to pay more, higher car insurance, cell phone bills, may have to pay utilities deposit, may hurt employment., may not be able to rent
Career
More than a job, like requires training, long term commitment and likely includes benefits
credit
is is an arrangement to receive cash, goods, or services now and pay for them later
investment
placing money somewhere in hopes that it grows over time, involves some risk but has chance at some reward
expenses
money paid
credit card companies make most of their money off of
People with bad credit
tax deduction
an amount subtracted from adjusted from income to arrive at taxable income
capacity
your ability to meet your credit obligations
deficit
amount spent over taken in in a given time period (year)
withholdings
money taken out of paycheck during the year so employee doesn't get a large tax bill at the end of the year
What is the difference between a credit card and a debit card?
Credit card is a loan that you have to pay interest on, a debit card deducts payment right for your checking account
itemized deductions
expenses a taxpayer is allowed to deduct from adjusted gross income
capital
assets or net worth the value of them
debt
total amount owed
stocks
partial ownership of a company; if the company's value grows over time then so does the stockholders share in it
Why is credit necessary
for consumers to buy large items, for entrepreneurs to invest in their business
exemption
a deduction from adjusted gross income for yourself, your spouse, and qualified dependents
collateral
an asset that is pledge to insure the loan
surplus
money taken in as revenues over what is spent in a given time period
bonds
loan to a company or government that the holder of the certificate is entitled to