Human Capital
Taxes
Banking
Budgeting
Insurance
100
This percent of teens get the recommended amount of sleep. (Come within 8%)
What is 30%?
100
happens automatically, based on existing laws. It includes programs like Medicare and Social Security, (which are funded by FICA taxes).
What is mandatory spending?
100
Personalized service, local focus (invests back in local area), supports local growth, loan and credit decisions made locally, more willing to look at borrowers character, less bureaucratic, trust, FDIC typically. Help provide notary services and can easily wire money.
What is a Community Bank?
100
a financial plan that shows how your income compares to your expenses - typically on a monthly basis.
What is a budget?
100
the amount you pay to your insurance provider regularly (typically monthly, semi-annually, or annually) to purchase and maintain an active insurance policy.
What is a premium?
200
the ratio of output per worker per unit of time
What is productivity?
200
They match your FICA contributions.
Who is your employer?
200
A financial institution that offers deposits, withdrawals, credit cards, loans, just like a bank except - not for profit. Profits returned through lower fees, higher savings rates, better loans.
What is a Credit Union?
200
Survival vs comfort/enjoyment
What is Needs vs Wants?
200
the amount you pay out-of-pocket for covered services before your insurance policy starts to pay.
What is a Deductible?
300
value of the next highest valued alternative use of that resource (Tesla vs TSLA)
What is Opportunity Cost?
300
FICA contributions are split between two programs. Name each program and the percentage of wages that goes to each.
What are Social Security (6.2%) and Medicare (1.45%)?
300
describes households without a checking or savings account. (fees or minimum balance requirements are a big problem). May need to use check cashing service (expensive!).
What is Unbanked?
300
Application fee, Security Deposit, utilities, pet fee, parking fee, maintenance fee, renters insurance
What are the hidden costs of renting an apartment/house?
300
the maximum amount an insurance company will pay for a covered claim.
What is a Limit?
400
higher earnings, better opportunities, confidence, adaptability, better physical & mental health, longevity @ work, networking - social & career, fulfillment
Why someone would want to invest in their own human capital?
400
filing taxes? - Use this - it's the foundation for filing.
What is a 1040?
400
Taking more risk than otherwise because protected (banks lending too much money knowing government will support).
What is a Moral Hazard?
400
- Monthly payments, Interest, Maintenance, Insurance, Registration Fees, Depreciation, gas
What are the costs of owning a car?
400
Covers damage to your vehicle from events out of your control — things you can’t predict or prevent.
What is Comprehensive Coverage?
500
the future value of $1,000 invested, and compounded, at 10.1% a year for three years.
What is $1,334.63?
500
What are your federal taxes according to the chart above if you make $120,000 (SD is $14,600)
$120,000 - $14,600 = $105,400.
$17,651 + (.24)($105,400 - $103,350) =
$17,651 + 492 = $18,143
500
This percent of American teens spends 4+ hours a day on their phones. (Come within 8%)
What is 72%?
500
Your nominal wage adjusted for inflation, showing what your income is worth in terms of the goods and services it can buy.
What are Real Wages?
500
Your health insurance plan has: $1,000 deductible & 20% coinsurance after the deductible
You receive a medical bill for $6,000.
How much do you pay total?
Deductible: $1,000
Remaining bill: $5,000
Coinsurance: 20% of $5,000 = $1,000
What is $2,000?