A document that gives information about your current money income, spending and savings.
What is a financial statement?
100
Things in life you want to accomplish.
What are goals?
100
What you give up to get something else (a trade-off).
What is opportunity cost?
100
Tax on wages, salaries and slef-employed earnings.
What is income tax?
200
The maximum amount of credit allowed to a borrower.
What is line of credit?
200
The amount of money you have left after taxes and other deductions from your pay check.
What is take-home pay or net pay?
200
A person who purchases and uses goods or services.
What is a consumer?
200
The exchange of products or labor without the use of money.
What is bartering?
200
Forms 1040, 1040Z which a taxpayer uses to report income to the government.
What is a income tax return?
300
The dollar amount you you pay to use credit (borrow money).
What is a finance charge?
300
The value of items you may own and debts that you owe.
Two answers.
What are assets and liabilities?
300
The original amount of money on deposit or the amount you borrow on a loan.
What is the principal?
300
How much producers are willing and able to produce at a certain price and how much consumer are willing and able to buy at a certain price. Two answers
What is supply and demand?
300
A deduction from your adjusted gross income for a spouse and dependents.
What is an exepmtion?
400
A form of security to help guarantee that the creditor will be repaid.
What is collateral?
400
Cash and items that can be quikcly converted to cash.
What are liquid assets?
400
The amount your original deposit will be worth in the future base on earning a specific rate of interest.
What is the future value?
400
The total amount of money in circulation is a country.
What is money supply?
400
A detailed examination of your tax return by the IRS.
What is tax audit?
500
A legal process in which some or all of the assets of a debtor are distributed when a debtor is unable to pay his/her debts. $100 Bonus - name one of the two types.
What is bankruptcy? Chapter 7/Chapter 13
500
The price at which property would sell (as in real estate or valuable items)
What is the market value?
500
Beliefs and principles you consider important, correct and desirable.
What are your values?
500
A period of economic downturn for a period of six months.
What is a recession?
500
Expenses that you can be subtract from your tax return for dependents, spouse, medical, taxes, charity, loan interest, etc.