Debt
A percentage paid to a lender for the use of borrowed money is called
interest
Money you set aside for future use instead of spending
Savings
True/False, Moving into a higher tax bracket means that all your income is taxed at the higher rate
False
When overall prices rise across the economy
Inflation
When you buy stock in a company, you are a _______ of the company
Shareholder, Investor, etc.
True/False: Compound Interest also affects your Debt
True
Explain a Budget Surplus and Budget Deficit
Explanation
If you paid too much in taxes during the year, you receive this back
Tax Refund
Richest person on earth
Elon Musk
Money growing exponentially over time
compound interest
Name 3 kinds of Debt
Credit Card, Student Loan, Mortgage, Car Loan, HELOC
Money you save for unexpected life events/expenses
Emergency Fund
Deadline to file Individual Taxes
April 15
Name a stock Exchange or Index
NYSE, Nasdaq, S&P 500, Dow Jones, etc.
Spreading Investments across different types of assets
Diversification
Number assigned to you to show how likely you are to pay back your debt
Name a form of Retirement Savings
IRA, 401k, Pension, Social Security, etc.
Name 3 kinds of taxes
Income, Property, Sales, Use, Excise, Payroll, Estate
Gross Domestic Product
Higher Return comes with higher ______
Risk
When a person or business cannot pay back their debts and seeks legal protection from creditors
Bankruptcy
Explain how compound interest can work for and against you
US Agency that collects taxes (full name)
Internal Revenue Service
Name 3 of the Magnificent 7 companies
Meta(Facebook), Alphabet(Google), Amazon, Nvidia, Tesla, Apple, Microsoft
When a company sells stock publicly for the first time
IPO