A form given out to employees by their employers at the end of the year. It shows how much the employee made in wages and paid in taxes throughout the year. It is used by the employee to file their taxes.
What is a W-2 form?
100
The amount given up front when purchasing a car. This amount of money does not have to be financed.
What is a down payment?
100
Financial Protection in the case of loss or harm.
What is an insurance?
100
300-850
What is the range of FICO credit scores?
100
Money earned on an investment OR money paid to borrow funds
What is interest?
200
April 15th
What is the deadline for filing tax returns?
200
When you borrow a car instead of buying it.
Your payments during the term are typically less than buying it.
What is leasing?
200
The amount of money an individual must pay for an insurance policy.
What is a premium?
200
Character, Capital, and Capacity
What are the 3 C's of credit?
200
Your earned wages before taxes are taken out
What is gross income?
300
A form filled out by the employee when starting a Job. The form is used to show the number of allowances so the employer knows how much taxes to take out of their paycheck.
What is a W-4?
300
When a car loses value because it is driven and gains mileage
What is depreciation?
300
Amount paid out of pocket before insurance funds will kick in and cover additional costs.
What is a deductible?
300
DOB, Social Security number, and name
What information does someone need to steal your identity?
300
Assets - Liabilities =
What is net worth?
400
1040, 1040A, 1040EZ
What are the tax forms used to file taxes?
400
An online source to check accurate pricing of a vehicle.
What is Kelley Blue Book
400
Insurance that covers for a fixed period of time. Life insurance is characterized as this type of plan. Death is only covered during the period, usually 0-20 years
What is term insurance? (Term life insurance)
400
Equifax, Experian, and Transunion
What are the credit reporting agencies?
400
A financial obligation. A future sacrifice of economic benefits. It is used to calculate net worth.
What is a liability?
500
6.2% of a person's wages goes to fund this program.
The program provides assistance to retirees.
What is social security tax
500
When a person stops paying on their car. The bank takes it back. This type of penalty severely damages the person's credit.
What is repossession?
500
Also called "no fault" coverage. It is an extension of auto insurance and covers personal medical expenses, despite who was at fault in the accident.
What is PIP or personal injury protection?
500
Make payments on time, do not max out credit cards, USE credit, have variable lines of credit, keep debt to asset ratio low, check your report at least every year, pay bills on time.
What are ways to increase your credit score?
500
The type of interest that earns interest on the interest previously accrued.