Credit Cards
This is the highest credit score possible
What is 850?
These are three examples of variable expenses
What are groceries, gas, eating out, entertainment (movies, concerts), personal care (haircut, massage), clothing?
IRA stands for
What is Individual Retirement Account?
The date by which you have to file your taxes every year
What is April 15?
HYSA stands for
What is a High Yield Savings Account?
The term APR stands for
What is annual percentage rate?
The name of the rule that splits your income into needs, wants, and savings
What is the 50-30-20 rule?
This retirement account is not tax-deductible and has tax free withdrawals
What is a Roth IRA?
The name of the federal agency that collects taxes
What is the IRS (Internal Revenue Service)?
This type of account, often with a higher interest rate than a traditional savings account, requires the holder to leave their money untouched for a fixed term
What is a Certificate of Deposit (CD)?
This is the amount required to be paid to avoid accruing interest
What is the Statement Balance?
This term refers to money set aside in a budget specifically for unexpected expenses or emergencies
What is an emergency fund?
The age at which you may withdraw from your 401k without being penalized
What is 59.5 years old?
Three types of taxes
What is income tax, sales tax, capital gains tax, property tax, inheritance tax?
What is $250,000?
These are three items that factor into your credit score
What are the timeliness of your payments, amount of credit diversity, length of credit history, amount of credit utilization?
In budgeting, these are expenses that remain the same each month, such as rent or insurance payments
What are fixed expenses?
The account used to gain access to stocks and other types of investment
What is a brokerage account?
This type of tax is applied on the wealth passed from one individual to another during their lifetime, as opposed to taxes on wealth passed after death
What is a gift tax?
One role of the Federal Deposit Insurance Corporation (FDIC)
What is ensuring deposits, supervising financial institutions, manages failed banks?
This is the act of transferring a high-interest balance from one credit card to another, often with a lower promotional interest rate
What is a balance transfer?
When tracking expenses, this method involves recording purchases as they are made rather than at the end of the month
What is real time expense tracking?
This rule of thumb helps investors estimate how long it will take to double an investment
What is the Rule of 72?
This type of tax structure imposes a higher tax rate on individuals or entities as their income increases, with the U.S. federal income tax system being a prime example
What is a progressive tax?
This type of savings account allows individuals to earn tax-free interest when the funds are used for qualified healthcare expenses, but requires enrollment in a high-deductible health plan
What is a Health Savings Account (HSA)?