Q/a
_________ is the money that you have left over after paying for all your expenses.
A)Disposable Income
B)Discretionary Income
C)Salary
D)Withholding
B)Discretionary Income
________ insures all money in individual deposits up to 250,000$?
A)Banking Act
B)FDIC
C)CD
D)IRA
B)FDIC
Which of the following is not considered when determining your credit score?
A)Payment History
B)Managing your debt
C)Parents Job
D)Number of credit applications
C)Parents Jobs
Percentage paid goes down with higher income, up with lower (Everyone pays the same)
Regressive Tax
Using borrowed money to make purchases
Credit
Currency that is backed by the Government, NOT by a physical commodity (like gold or silver)
A)Fiat Currency
B)Bitcoin
C)Exchange rates
D)Check
A)Fiat Currency
What type of bank account can funds not be removed from for a set amount of time, but have much higher interest rates?
A)Savings
B)Checking
C)Credit
D)Certificate of Deposit (CD)
D)Certificate of Deposit (CD)
This Financial Institution offers their services to members only but typically have better rates.
A)Credit Union
B)Commercial Bank
C)ATM
D)None of the above
A)Credit Union
Percentage paid goes up with higher income, down with lower
Progressive Tax
When a tenant is legally removed from an apartment (the court is involved)
Eviction
What type of interest adds interest to the Principal balance and previously added interest?
A)Compound
B)Simple
C)Amortization
D)None of the above
A)Compound
What is the term for the amount of time in the bill cycle in which you have to pay for credit card purchases before interest is added?
A)APR
B)Payment Schedule
C)Payment History
D)Annual fees
B)Payment Schedule
The contract you sign agreeing to rent for a certain time period & price.
A)Lease
B)Mortgage
C)Renters insurance
D)Security deposit
A)Lease
Percentage paid is equal regardless of income
Proportional Tax
Funds deposited that can be removed easily via check or debit card
Checking
What's the term for the money (cash) you put towards the purchase of your house; usually 3-20% of the overall purchase price?
A)Closing Costs
B)Mortgage
C)Mortgage payment
D)Down Payment
D)Down Payment
What type of retirement account invests After-Tax income?
A)Roth IRA
B)IRA
C)403b
D)401k
A)Roth IRA
What retirement account is made through a corporate employee's contributions with pretax money that is often matched by their employer?
A)Roth IRA
B)Pension
C)401K
D)IRA
C)401K
Interest rate can change during the duration of the loan
Variable Rate
Interest rate remains constant during the duration of the loan
Fixed Rate
_________ is money pooled by multiple people and invested in several types of investment opportunities.
A)IRA
B)Bond
C)Stock Market
D)Mutual fund
D)Mutual fund
If all citizens of a state have to pay a 4.5% flat income tax this is what type of tax?
A)Proportional
B)Progressive
C)Regressive
D)None of the above
A)Proportional
If you are taxed at %5 income tax on your first 50,000$ and 7% on everything after that, what type of tax is this?
A)Proportional
B)Progressive
C)Regressive
D)None of the above
B)Progressive
The amount it costs to officially buy a house; usually 3-6% of the purchase price. This pays all the professionals involved in selling the house, as well as things like property taxes and sometimes insurance costs.
Closing Costs
When you pay your mortgage each month not all of it goes directly to the loan (principle); some goes to pay the interest. At first you will pay more in interest, but over time your payments will go more toward the principle.
Amortization