taxes
what are taxes
mandatory contributions levied on individuals or corporations by a government entity. AKA. the percentage of money added on to the amount you have to pay.
what is a savings account
a banking account that earns interest over time
what is a credit card
a type of credit facility, provided by banks that allow customers to borrow funds within a pre-approved credit limit.
what is a down payment
the imediate payment made when something is bought in credit
what does a landlord do?
it is the person who owns the property that is renting it out.
what is the IRS and what does it stand for
the IRS (international revanue service) helps the large majority of compliant taxpayers with the tax law
what is a checking account
a bank account that allows a depositor to draw money from their account.
what is a debit card
a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
a _______ gurantees a product a repair or replacment of defective parts.
warranty
how much should your cost on housing be
30%
what is FICA and what does it stand for?
FICA (federal insurance contributions act) this is the law that requires workers to contribute to social security and medicare.
CD stands for __
Certifiate of Deposit
which is safer for online shopping/banking
Since credit cards offer fraud liability protections that debit cards do not, meaning online purchases with credit come with fewer risks. So if you're debating debit or credit for online shopping, pick credit for a safer shopping experience.
what is a appraisal?
the current value of property
what is the difference between renting and buying
Renting offers flexibility, predictable monthly expenses, and someone to handle repairs. Homeownership brings intangible benefits, such as a sense of stability and pride of ownership, along with the tangible ones of tax deductions and equity.
describe what a W - 4 form is
a form that you fill out to provide the information your empployer needs to determine the proper amount to withold from your paycheck.
what is a balance
the amount of money in your account.
is it safer to use cash or card
Cash makes it easier to budget and stick to it. When you pay with the cash you've budgeted for purchases, it's easier to track exactly how you're spending your money. It's also an eye opener and keeps you in reality as to how much cash is going out vs. coming in from week to week or month to month.
a decrease in value is called _____?
deprecation
a mortgage is _______
a long term home loan.
what is a social security number
a personally unique code used by the governmet to identify you as a taxpayer and keep track of your earnings and tax records.
what does ATM stand for
automated teller machine
can you overdaft a credit card
In most cases, it isn't possible to overdraft a credit card. If you opt in to over-the-limit charges, it may be possible to exceed your credit card's limit. However, “overdraft” usually refers to overdrawing a bank account, not a credit card. It's more likely that your purchase will be denied rather than overdrawn.
what is the money that is agreed to payback called?
the principal
when you are first buying an apartment, what should you take into account?
your income, savings, and dept.