Careers and Taxes
Tax paid out by anyone who earns an income
What is INCOME TAX?
Save a $500 emergency fund
What is THE FIRST FOUNDATION?
Tax-deferred arrangement for individuals with earned income; individual retirement arrangement
What is an IRA?
T/F: Communicating about financial issues and goals in a relationship can reduce conflict.
What is TRUE?
Traits or qualities that represent an individual's highest priorities, deeply-held beliefs, and motivating forces; one's guiding principles
What are CORE VALUES?
Tax on goods and services that goes into your state and local government
What is SALES TAX?
Pay cash for college
What is THE FOURTH FOUNDATION?
A retirement savings plan offered by a corporation to its employees; the employee contributes money from his/her gross pay, and the money grows tax deferred
What is a 401(k)?
T/F: When it comes to managing money, your personality and values have no importance.
What is FALSE?
T/F: You have to wait until you have a large income before you can help others.
What is FALSE? (if you don't have money to give, you can give of your time and talents!)
Taxes paid by anyone who owns property such as land, a home, or commercial real estate
What are PROPERTY TAXES?
Organizations that use money raised to achieve their goals rather than distributing them as profit
What are NONPROFITS?
Quality of an asset that permits it to be converted quickly into cash without loss of value
What is LIQUIDITY?
What are NET PAY and GROSS PAY?
T/F: One financial benefit of giving money to charity is that your contribution may be tax deductible.
What is TRUE?
A brief account of one's professional or work experience and qualifications, often submitted with an employment application
What is a RÉSUMÉ?
Means "love of humanity"; identifying and exercising one's values in giving and volunteering
What is PHILANTHROPY?
Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure
What is a CLAIM?
Responsibilities of the Internal Revenue Service (IRS)
What are TAX COLLECTION and TAX LAW ENFORCEMENT?
Your values and beliefs, a charity's commitment to accountability and transparency, and how well the charity or organization is run
What are THINGS TO CONSIDER WHEN SELECTING A NONPROFIT TO WHICH YOU WOULD LIKE TO CONTRIBUTE?
A federal insurance program funded by taxpayer dollars that provides benefits to people who are retired, unemployed, or disabled
What is SOCIAL SECURITY?
Anything handed down from the past; something that someone has achieved that continues to exist after they are gone
What is LEGACY?
Amount you must pay before you begin receiving any benefits from your insurance company
What is a DEDUCTIBLE?
Challenges to managing money as a single adult
What are TIME POVERTY, BEING ACCOUNTABLE TO NO ONE, and IMPULSE BUYS?
Dave Ramsey's Five Foundations of Financial Freedom
What are SAVE A $500 EMERGENCY FUND, GET OUT OF DEBT, PAY CASH FOR YOUR CAR, PAY CASH FOR COLLEGE, and BUILD WEALTH AND GIVE?