Income and Taxes
Interest and Investment
Financial Terms
Financial Planning & Goals
Government and Regulations
100
Money in a paycheck before taxes are taken out
What is Gross Pay?
100
When interest is earned ontop of interest. Grows on a curve.
What is Compound Interest?
100
Term for a house loan
What is a Mortgage?
100
Things necessary for survival
What are Needs?
100
Land, buildings, and any naturally occuring nature on the property
What is Real Estate?
200
Unexpected money you receive
What is Windfall Income?
200
Retirement account for "for-profit" firms
What is a 401k?
200
% someone owns of a business
What is Equity?
200
Savings goals that can be reached within 1 year
What are Short-Term Goals?
200
Retirement account for "not for-profit" firms
What is 403b?
300
Money in a paycheck after taxes are taken out
What is Net Pay?
300
Rule that tells how long it will take for an investment to double
What is Rule of 72?
300
A readily available source of income in case disaster strikes. Typically 3-6 months worth of salary
What is an Emergency Fund?
300
Things that are not necessary for survival
What are Wants?
300
The referees of the stock market: They make sure its fair for all traders.
What is the Security and Exchange Commission (SEC)
400
______ your wages from your paycheck to pay off debts that you owe. Legally, only 25% per paycheck.
What is Garnishing?
400
Retirement account where you pay taxes on the money going in
What is a Roth IRA?
400
Any debts you may owe
What are Liabilities?
400
The option you do not choose when down to 2 choices
What is Opportunity Cost?
400
Retirement account where you pay taxes on the money coming out
What is Traditional IRA?
500
6.2% goes to Social Security and 1.45% goes to Medicare
What is FICA Tax
500
Theory that says your dollar today is worth more than that same dollar is worth next year.
What is Time Value of Money?
500
When your expenses outweigh your income
What is a Deficit?
500
Savings goals that can be reached within 1-5 years
What are Intermediary Goals?
500
Interest rates that can change
What are Variable or Adjustable?