Vocabulary 1
Definition: When a taxpayer uses a tax rule to legally lower the amount of tax they owe to the federal government
Tax Avoidance
Definition: Taxes you pay to the government and are based on the amount of money that you earn
Income Tax
(Ch. 6) What percent of your hourly pay is automatically deducted for Social Security? How about for Medicare?
Social Security = 6.20%
Medicare = 1.45%
(Ch. 6)When you go to file your taxes at the end of 2023, what is the exact amount of money from the Standard Deduction you’re allowed to claim if you’re filing Single?
A) $11,600
B) $13,850
C) $18,350
D) $23,700
B) $13,850
Where would you find the tallest building in the world?
A) New York City
B) Seoul
C) Shanghai
D) Dubai
Definition: An allowable reduction on income tax forms that is based on the filing status; these amounts are set by the government and may change from year to year
Standard Deduction
Definition: This is required by the bank, a type of insurance that covers the borrower in the event that they’re unable to repay the loan on their house.
Private Mortgage Insurance (PMI)
(Ch. 7) What does buying mortgage points accomplish? How much does 1 mortgage point cost?
It pays down the interest rate on a mortgage. One Mortgage Point = 1% of the loan.
(Ch. 7) If a hurricane / tornado rolls through the area, or your house catches on fire, what can you buy to protect your home from these types of disasters? How much does it cost to have this type of protection, per year?
You can buy Homeowners Insurance. The average cost of Homeowners Insurance = $4,218 per year, or $351.50 per month.
Which of the following celebrities has the greatest number of tattoos:
A) Post Malone
B) Ariana Grande
C) Harry Styles
D) David Beckham
A) Post Malone. *Reportedly between 78 - 100 different tattoos.
- Ariana Grande = approx. 40 tattoos
- Harry Styles = approx. 55 tattoos
- David Beckham = approx. 80 tattoos
Definition: The name of a loan taken out by anyone that wants to purchase a home.
Mortgage
Definition: The total number of shares issued by a company and available to trade.
Outstanding Shares
(Ch. 7) How much does rent increase every year, on average?
A) 6.20%
B) 7.75%
C) 8.85%
D) 9.90%
C) 8.85%
(Ch. 8) What does the Dow Jones indicate for investors?
A) It tells us which stocks to buy or sell
B) It tells us the health of the entire US Stock Market
C) It tells us if we're in a Bear or Bull Market
D) It tells us the 30 best dividend paying companies to invest in
B) It tells us the health of the entire US Stock Market
As of 2024, how many Star Wars movies have been released? (Not TV Shows, just movies).
A) 6
B) 9
C) 12
D) 15
Definition: For a company or business, the positive difference obtained when expenses are subtracted from revenue.
Profit
Definition: Describes the situation in which investors put their money into different types of investments to avoid being subject to the potential volatility of one single investment or stock.
Diversify
(Ch. 10) If you had to purchase Life Insurance, which one was recommended to buy?
A) Whole Life Insurance
B) Universal Life Insurance
C) Permanent Life Insurance
D) Term Life Insurance
D) Term Life Insurance
(Ch. 10) Which Exchange Traded Fund (ETF) from Vanguard automatically spreads your money out, invests it into the largest 500 companies in America, and has earned around 20% - 30% over the last 5 years, on average?
A) VTI
B) VOO
C) VAM
D) VAST
B) VOO
Here at Middleburg HS, we pride ourselves on #Horsepower. In the automobile world, the more horsepower you have, the faster you can go.
Some cars are incredibly fast, while others are super slow. From the following list, which production car produces the least horsepower?
A) Chevy Spark
B) Mitsubishi Mirage
C) Geo Prizm
D) Kia Rio
B) Mitsubishi Mirage = 78 hp
- Chevy Spark = 98 hp
- Geo Prizm = 125 hp
- Kia Rio = 120 hp
Source #1: https://www.autotrader.com/oversteer/the-5-least-powerful-cars-in-2021-vs-2001
Source #2: https://www.youtube.com/watch?v=P04ZQhOJ4VQ
Definition: When you earn the right to a future payment, usually after working for a set amount of time for the same company.
Vested
Definition: Describes how fast a person's investment can be converted into cash, if necessary.
Liquidity
(Ch. 8) List any stockbroker that allows you to buy and sell shares of a company:
- Robinhood
- Webull
- Charles Schwab
- Fidelity
- Merrill Lynch
- TD Ameritrade
(Ch. 10) What’s the one downside to keeping all your money in the bank for your investments?
A) Interest Rates at banks constantly fluctuate, making your returns inconsistent and unreliable
B) Smaller banks have been known to fail under stressful conditions, which means all of your money could disappear in the blink of an eye
C) Other types of investments have a greater chance of yielding a much higher return on your money than the banks ever could
D) There is no downside to keeping all of your money in the bank, period
C) Other types of investments have a greater chance of yielding a much higher return on your money than the bank ever could
If you lived in Florida long enough, you know that there is a running news headline that starts out with "Florida Man ...", followed by some ridiculous act that leaves readers shaking their head in disbelief.
Which of the following TWO headlines are MADE-UP "Florida Man" Headlines?
A) Florida man arrested for calling 911 after his cat was denied entry into a club
B) Florida man grabs king cobra, chases customers in-store while on a laxative run
C) Florida man tries to walk out of a store with a chainsaw stuffed down his pants
D) Florida man impersonating a police officer pulls over real cops
E) A lame "your mom" joke gets Florida man banned from Busch Gardens for life