Cash
An account that earns little to no interest, but is beneficial for spending.
Checking Account
Policies that provide for services from a doctor or hospital
Health Insurance
A credit card is known as an _________ debt.
Unsecured
A loan to a corporation, municipality, or federal government is called a ________
Bond
An investment account that provides for tax free growth and tax free distributions for qualified education expenses
529
This is a document that gives authority to an individual to make financial decisions on behalf of another person
Financial POA or Durable POA
An account used for accumulating money for short term goals or emergencies
Savings Account
This type of life insurance ends after a specific amount of time
Term Life Insurance
A mortgage payment is comprised of _________ & _______. Some providers will also include escrow for taxes and interest. (PITI)
principal & interest
An investment that represents ownership in a company
An investment account for retirement that contributions may or may not be tax deductible depending on if the owner has a plan at work.
Traditional IRA
This document allows for the orderly distribution of an estate bypassing probate if funded correctly
Trust or Living Trust
A fixed account offered from a bank or financial institution for a specific term.
CD
This type of rider provides continued income in the event of a disability, even if the insured is working another job
Own-Occupation (own-occ)
If enrolled in PSLF prior to 2025, your student loans may be forgiven after how many qualified payments?
120
A collection of equities or bonds with a theme for an investment purpose or strategy, often managed by a manager or following an index. These investments are only priced once per day.
Mutual Fund
An investment with an insurance company that provides for guarantees such as for principal, interest, or income for life.
Annuity
This instruction at the account level will supersede a will or a trust to provide access to funds at someones death.
Beneficiary Designation
What is the FDIC limit at most US banks for an individual account?
$250,000
If a whole life or universal life insurance policy is canceled before this period ends, there is a fee to the owner/insured.
Surrender period
What is the range of FICO credit scores?
300 - 850
Similar to a mutual fund, these investments are actively traded on the markets and are priced in real time during normal market hours.
ETF or Exchange Traded Fund
An investment strategy that involves making a contribution to a traditional IRA and then converting it to a Roth IRA. What is the nickname for this strategy?
Backdoor Roth IRA
This beneficiary designation is the Latin term for 'by branch'.
Per Stirpes
Name something you lose if your money is not earning enough to out-pace inflation.
Purchasing Power
If an employee of a large company (more than 20 employees) gets laid off, this allows them to continue their health insurance benefits.
COBRA
What is the one thing someone should have before attempting to aggressively pay off debt?
Cash reserve (emergency fund)
This rule acts as a shortcut to determine the length of time it would take for a portfolio to double given a rate of return.
Rule of 72
What is the current limit for contributions to a Roth IRA or Traditional IRA if the contributor is under 50 years old?
$7,500 (2026)
One of the pitfalls in a person adding a child as a co-owner of a home instead of using an estate plan is the loss in this key financial benefit at death.
Loss of Step-up in Basis