Banking and Saving
This plastic card is used to take money out of a checking account, which only has what the user deposits into the account. (Can't take out more than what you have)
Debit Card
Patty broke her hip at work and can't work for 6 weeks until it heals. Thankfully, Patty has _________ insurance, which provides her with an income because she had become disabled.
Disability
This plastic card is used to take money from a line of approved credit to make purchases or cash advances.
Credit Card
The amount of income you made BEFORE taxes are taken out of your paycheck.
Gross Income
This type of expense occurs regularly and does not change in cost amount.
Fixed Expense
This term describes spreading out your investments to reduce risk. (Don't put your eggs in ONE basket)
Diversification
Jim was driving to work one day and looked down at his coffee, then crashed into the car in front of him. Thankfully, Jim has __________ insurance to cover the damage he dealt to the other person's car and health.
Automobile
Credit cards typically have the highest _____ or annual percentage rates, which range from 17-25%.
APR
The amount of income you made AFTER taxes are taken out of your paycheck.
Net Income
This type of expense is based on a person's WANTS.
Discretionary Expense
You can open a ______ account at your local bank, but the interest you'll make on your money won't be very high.
Savings
Kathy is 9 months pregnant and is going into labor! Thankfully, she has __________ insurance which will cover her medical bills and other health related costs.
Health
This is the total amount of money borrowed in a loan.
Principal
This type of form that is filled out when filing your taxes to see how much your refund from the government is.
1040EZ
This type of expense occurs regularly BUT can vary in price.
Variable Expense
This type of savings account will requires a high minimum deposit, but the interest you make is HIGH and you can withdraw your money WHENEVER.
MMA
Gina is worried about what her children's lives will be like if she died. She did not want to leave them with nothing, so she made sure she got ___________ insurance to make sure they were taken care of financially when she passes.
Life
This type of credit has a fixed amount of money borrowed, fixed interest rate, and fixed amount of monthly payments. (Car loans, Student Loans, Mortgages)
Installment Credit
This form is provided to you by your employer that details how much money you made in a year, and how much in taxes was taken out in a year.
W-2
What kind of expense is paying for your car loan?
Fixed Expense
This type of savings account requires that you keep your money in the account for a specific amount of time, but the interest you make will be MUCH higher than a normal savings account.
C.D.s
Frank hosted a party at his house over the weekend. Ben tripped and broke his ankle on Frank's old stairs. Ben is going to sue Frank. Thankfully Frank has _________ coverage along with his homeowner's insurance to cover the costs.
Liability
This type of credit is automatically renewed when paid off. (Credit cards are typically this kind)
Revolving Credit
These two forms MUST be completed by you when starting a new job.
I-9 and W-4
What kind of expense is it when your buying groceries, but also buy a tv when you check out?
Discretionary Expense