Taxes
Loans
Budgeting
Retirement
Potpourri
100

A tax on wages or salary (amount earned) paid to the federal government calculated as a percentage of what you earn.

What is income tax?

100
The charge for the privilege of borrowing money, typically expressed as a percentage rate.
What is interest?
100
These two types of accounts, maintained by commercial banks and credit unions, may or may not have associated fees, pay interest, or require minimum balances. Deposits and withdrawals are made directly from such accounts, often via bank tellers and ATMs.
What are checking and savings accounts?
100

A personal budget should account for these two line items.

What is income (revenue) and expenditure (expenses)?

100
This is the form you must file in order to complete your taxes every April. April 15th 2024 to be exact

What is a 1040 form?

200

Tax that is used to fund mandatory spending items in the federal budget like medicare and social security

What are payroll taxes?

200
This interest rate, which factors in borrowing fees, must be divulged by lenders so that you may more easily compare rates.
What is an annual percentage rate (APR)?
200
Low-risk investments generally yield a low rate of return. The converse of the above rule states this.
What is the greater the risk, the greater the reward (and the greater the chance of loss)?
200

This employer sponsored retirement investment gives employees a tax break on money they contribute by automatically withdrawing from paychecks and invested in funds of the employee's choosing.

What is a 401K?

200
Currently, it amounts to $7.25/hr, though efforts are being made by the Obama Administration to raise it to approximately $10/hr.
What is the (federal) minimum wage?
300

A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals. In the U.S., federal income tax rates range from 10% to 35%.

What is a progressive tax?

300
A record (accompanied by a rating) of a consumer's ability to repay debts and demonstrated responsibility in repaying debts.
What is credit history (or credit report)?
300
The term that denotes the amount borrowed or the amount still owed on a loan, OR the original amount invested.
What is principal?
300

Add this word in front of accounts like IRA & 401K and account holders will have to pay taxes on contributions but get a break on withdrawals.   

What is Roth?

300
This tax withholding form is completed at the time of employment so that your employer can withhold the correct federal income tax from your pay. Tax deductions or allowances are made for children and other dependents.
What is a W-4?
400

This tax form is only for independent contractors and is used to provide the correct Taxpayer Identification Number (TIN) to the person who is required to file an information return with the IRS 

What is a w-9?

400
Something pledged as security for repayment of a loan (e.g. a house or car), to be forfeited in the event of a default.
What is collateral?
400
Interest calculated on the initial amount deposited or loaned and also on the accumulated interest of previous periods of a deposit or loan. It can be thought of as “interest on interest,” and will make a deposit or loan grow at a faster rate than simple interest.
What is compound(ed) interest?
400
These types of expenses remain unchanged from period to period. Examples include mortgage or rent, insurance, and, often, utilities.
What are fixed expenses?
400
This is maintained, either electronically or by hand, to account for deposits, withdrawals and other line items.
What is a bank register (or statement)?
500

Double the number on this tax form to get the name of a different tax form used to communicate to an employer the amount you want withheld from your paycheck every month. 

What is a W-2?

500

These three words that start with a C are key factors when a borrower is determining the cost of a loan.

What are character, capacity, and collateral? 

500
This "rule" is a simple, and relatively accurate way, to calculate (divide by rate) the amount of time it will take to double the value of an investment at a specified rate of return.
What is the "Rule of 72"?
500
These types of expenses fluctuate or change from period to period. Examples include personal entertainment or travel costs, and other discretionary items.
What are variable expenses?
500
This insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
What is FDIC (Federal Deposit Insurance Corporation) insurance?
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