Taxes and Estate Planning
True or False?
General Power of Attorney is for medical matters, Health Care Power of Attorney is for financial matters, and a living Will is for distribution of assets after life
False; General Power for financial matters, Health Care Power for medical matters, and Will for end of life
Money that Companies pays out to it's shareholders out of it's profits (or reserves)
What is Dividend?
The amount you have to pay when making an insurance claim
What is a Deductible?
True or False?
Bankruptcy CANNOT prevent repossessions and a discharge to child support or alimony
True; Although, Bankruptcy CAN stop dept collectors from contacting you and discharge SOME debts
Kathy's Birthday (including year)
What is August 22, 1997?
DOUBLE JEOPARDY!!
What is currently the official retirement age for Social Security? (closest answer wins if neither team guess right)
66 years and 2 months (for 2020)
The safest investment you could buy on the market?
What are Bonds, Certificates of Deposit (CD), or Treasury securities (T-Bill)?
The monthly amount you pay for an insurance policy
What are Premiums?
The highest number you can get on your credit score (Closest answer wins if neither team guess right)
What is 850?
Kathy's current Major and Minor
What is the Accounting Major and Personal Finance Minor?
The tax that you pay that funds local governors, post offices, public schools, public parks, etc.
What are State Taxes?
What you call the market when the market/economy is going down/receding
What is a Bear Market?
Types of Insurance Policies (Name three that are NOT Life, Auto, Home, or Health)
What are Earthquake, Business, Long Term Heath Care, Disability, Umbrella, Pet, Liability, Travel, Marine, etc.?
The average length of time 'bad credit' (ex: Missed payment) stays on your credit report
What is approximately 7 years?
Kathy's Favorite food
What is Spring Rolls, Onions, Tomatoes?
The tax that you pay that fund Military, Social Security, Medicare, Medicare, etc.
What is Federal Tax? (This is the one that pays for major Interstate Roads/Highways)
An abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market
What is a Ticker Symbol?
A federally funded (You pay taxes for) health insurance program primarily designed for individuals over the age of 65
What is Medicare?
The three main Credit Bureaus (name one)
What are TransUnion, Equifax, and Experian?
Food/Fruit Kathy does not like
What are Cucumber, Bean Sprouts, Watermelon?
The amount of money that you can gift another person without being taxed during life (over the annual $15,000 gift exemption) or death ("Price is Right" rules) in 2020?
$11,580,000 (in 2020)
A professionally managed investment fund that pools money from many investors to purchase securities (ex: Stocks, Bonds, Cash,etc.)
What is a Mutual Fund?
Different Types of Life Insurance (Name two types of life insurance)
What is Group Life Insurance (LI), Ordinary LI, Term LI, Whole LI, Variable LI, Universal LI, Variable Universal LI, Indexed Universal LI, Second-to-die LI, Etc.
What makes up your credit score (name 3)
35% Payment History, 30% Amounts Own, 15% Length of Credit History, %10 New Credit, %10 Types of Credit Used
The random sound Kathy makes when she is feeling high on emotions that has no specific meaning what-so-ever
What does titi ("Tika Tee") mean?