Personal Finance 1
A plan that balances income with expenses.
what is a Budget?
A card issued by a bank allowing the holder to transfer money ( funds you have deposited) electronically to another bank account when making a purchase.
What is a debit card?
The amount of money that you owe.
What is debt?
A fixed amount of money paid on a regular basis to a permanent employee of an organization
What is salary?
Whether married or single, divorced, separated, etc.
What is marital status?
Expenses that are the same amount every time
What is Fixed expenses?
Allow you to borrow money from the card issuer up to a certain limit in order to purchase items or withdraw cash.
What is a credit card?
An organization that keeps on file the credit records of consumers
What is credit bureau?
The percentage of a sales price received by a salesperson for her or his services
What is commission?
Property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
What is an Asset?
These are charged by banks for the keeping of accounts, writing of checks and other financial services
What are institutional fees?
A document from a lender stating that a person has failed to carry out the terms of the contract
What is default notice?
This taxable income is reported on a W2 form.
What is wage?
Name two types of dependents
What is qualifying child & qualifying relative?
The highest-valued alternative that must be given up when a choice is made
What is Opportunity Cost?
A payment made for the use of money that has been borrowed?
What is interest?
When a business, or person is unable to pay her or his debts
What is Bankruptcy?
Required charges of citizens by local, state and federal governments.
What taxes?
What are the 5 main types of taxes?
What are Income, Payroll, Property, Sales, & Excise?
Having enough money saved to be able to withstand crises and emergencies.
What is Financial Security?
Sum payable as profit for shares
What is dividend?
To take back goods bought on credit if repayments have not been made
What repossession?
What is the percentage of Medicare and social security on gross income?
What is 1.45% and 6.2%?