Investing
This investment means ownership in a company
What is a Stock?
This account is best for making everyday purchases
What is a checking account?
This is the range your credit score can be
250-850
This is what you pay monthly and is the fee to hold insurance.
What is a premium?
What is Confirmation Bias?
What is a 529 savings account used for?
College Funding
This is your take home pay after taxes and other deductions are taken from your pay.
What is Net Income
A cell phone company may check this to ensure you can pay your bills on time.
Your credit report
credit score is NOT correct
This insurance would pay to fix your roof if a tree fell on it during a hurricane.
What is homeowners insurance?
What is the standard amount of money you should have in an emergency savings account?
3-6 months
What does the term ROI stand for?
Return on Investment
If you go to an ATM that is not associated with your bank you may be charged this fee
What is Out of Network ATM Fee?
What does APR stand for?
Annual Percentage Rate
This is paid each time you visit a doctor.
What is a co-pay?
This is the amount of money require to live in a particular area
Cost of Living
Rank these investments from highest to lowest risk:Bond, Stock, Cash, Fund
Stock, Fund, Bond, Cash
What is overdraft protection?
This accounting method requires fixed, periodic payments that are applied to both the principal and interest until the loan is paid in full. Expect to pay more in interest than principal during the start of your loan, then that reverses toward the end of your loan.
What is Amortization?
Name a type of insurance that is required by law and a type of insurance that may be required by a financial institution.
Auto is required by law
Health is required by law
Homeowners is required if you have a mortgage
Someone who gambles their money may be experiencing this cognitive bias.
Hedonic Adaptation
What is the difference between Roth IRA vs. Traditional IRA?
Qualified withdrawals from a Roth IRA are tax free.
This is the order for which you would complete forms tax forms when starting a new job and paying taxes.
Complete a w4 form at start of job to ha e taxes withheld
Receive a w2 form stating income and taxes withheld
Use w2 form to complete 1040 form to file tax return
This is a debt repayment strategy that involves paying off debts with the highest interest rates first. This method can help you save money on interest and pay off debt faster.
What is Avalanche?
This 2 word phrase is a a risk management strategy used by insurance companies to make money.
What is Risk-Pooling?
Name 3 different budgeting strategies and describe how they work.
50-30-20
Envelop
Zero Based
Pay yourself first