Social security, medicare, and stat and local income taxes
What are other forms of taxes based on income?
100
T/F: A cash advance is a reasonable way to get money quick and fast?
False
100
Basically taking out a loan, carry an up-front fee of 2 to 4 percent of the amount advanced
What is a cash advance?
100
The numerical evaluation of scoring of applicants
What is a credit score?
200
Stuff Happens, or the Importance of Liquidity
everybody needs an emergency fund. You should always be prepared by keeping liquid funds or what most people call emergency funds, available.
Manage your cash and understand why you need liquid assets.
What does Principle 5 mean?
200
Capital assets, capital gain, and capital loss
What is the three Cs when dealing with assets
200
A credit card issued in conjunction with a specific charity or organization. It carries the sponsoring group’s name and/ or picture on the credit card itself and spends a portion of the annual fee or a percentage of the purchase back to the sponsoring organization
What is an affinity card?
200
when someone uses your name address, SSN, credit card information, etc.
What is identity theft?
200
A credit card backed by the pledge of some collateralized asset
What is a secured credit card?
300
Liquid assets can be turned into cash and no loss, they have little risk associated with them and because they have little risk they done have a high return.
What is principle 8: risk and return go hand and hand, and what does it mean
300
1040, 1040EZ, 1040A
What forms can be used when filing your taxes?
300
Experian
TransUnion
Equifax
What are three primary credit bureaus?
300
True simple interest rate paid over the life of the loan. It’s a reasonable approximation for the true cost of borrowing, and the Truth in Lending Act requires that all consumer loan agreements disclose the APR in bold print
What is annual percentage rate (APR)?
300
A private organization that maintains credit information on individuals in which they can access for a fee.
What is a credit bureau?
400
Banks" or Deposit-Type and Non deposit-Type financial institutions.
Commercial Banks
Saving and Loan Associations (S&L)
Savings Banks
Credit Unions
What are the different types of financial institutions that provide cash management services?
400
single, married filing jointly and surviving spouses, married filing separately, and head of household
What are the four filing statuses?
400
Calculate the average daily method.
You have a monthly interest rate of 2%,
Sum of all daily balances:
A During the billing period: $6,000
Days in billing Period: 30 days
Average Daily Balance: $1,500
Interest Charged: $8.50
($1,500 x 2%) = $30
400
Taxable income from all sources minus specific deductions
Deciding how much to keep in liquid assets and where to keep it
What is cash management?
500
Determining gross or total income.
Calculating adjusted gross income.
Subtracting deductions.
Claiming your exemptions.
Calculating your taxable income, and from that calculating your base income tax.
What are the five steps when calculating your taxes?
500
20-25 Days
What is the grace period for most credit cards?
500
Sum of taxable income from all sources. 3 different types of incomes active, portfolio or investment, and passive
What is total gross income?
500
By purchasing an item on credit, you get to use it before you actually pay for it, identification when checks, and special offers