Banking
When you take money out of your bank, it is called a...
Withdrawl
What month does Tax season end?
April
Until what age can you remain under your parents health insurance?
26
A share in the ownership of a company is known as a...
Stock
A cash reserve set aside for unplanned/unexpected financial expenses is known as...
Emergency fund
What is the difference between a debit card and a credit card?
When using a debit card, the funds are taken from your checking account almost instantly.
When using a credit card, the amount will be charged to your line of credit- meaning you will pay the bill later.
State the type of tax that is paid to the state, federal, and or local governments based on money earned over the past year.
Income Tax
A formal request to an insurance company asking for a payment based on the terms of the insurance policy is known as a...
Claim
A basic type of bank account that allows you to deposit money and typically earn modest amount of interest.
Savings account
A spending plan based on income and expenses is known as a...
Budget
What does APY stand for?
Annual Percentage Yield: Measures how much your money may grow over time as you earn interest on your deposits.
Name the form an employee receives from an employer in order to file your taxes.
W-2 Form.
The specified amount of payment required periodically by an insurer to provide coverage under a given insurance plan for a defined period of time is known as a...
Premium
A pool or collection of people’s money into a variety of different types of investments usually managed by a professional is know as a...
Mutual Fund
How many months should an emergency fund have worth of expenses?
3-4 months worth of monthly expenses
Name 2 differences between banks and credit unions.
For profits vs Nonprofit
Owned by shareholders vs Owned by members
State the difference between net income vs gross income
Gross income is what employees earn before taxes and other deduction. Net income is the amount employees take home after taxes and other deductions.
The amount you pay “out of pocket” to the insurance company or provider before they pay for any expenses like medical fees or repairs is known as a...
Deductible
A loan made by you (the investor) to a borrowing entity-usually a corporate or government entity is known as a...
Bond
Name one type of account that allows you to earn interest.
Traditional savings account, CD (Certificate of Deposit), High Yield Savings Account, or Money Market account.
5 Credit Factors: Amount owed, Length of History, New Credit, Payment history, and Credit Mix. Which one of these has the highest impact on a credit score?
Payment History
What is the name of the unique code(number) used by the government throughout your life to identify you as a taxpayer and keep track of your earnings and tax records.
Social Security
The contract in which an individual or entity receives financial protection or reimbursement against losses is known as...
Insurance policy
The value of a financial asset increasing over time is known as...
Appreciation
In the 50/30/20 rule. State which percentages are for Needs, Wants, and Savings.
50-Needs
30-Wants
20-Savings