Chapter 6
character traits and interpersonal skills requiring emotional quotient that guide how you interact with others are known as what?
Soft Skills
What type of degree is usually finished within 2 years?
Associates Degree
What does FDIC stand for?
Federal Deposit Insurance Corporation
What type of home insurance covers the structure of your home.
Dwelling Insurance
What are the two expenses called that are taken from your gross income?
Withholdings and deductions
What’s the difference between soft skills and hard skills?
Hard skills are more about what you know and what you can do. Soft skills are more about your interpersonal skills and how you work with others.
20 years
Verifying your bank's online account statements for accuracy is called
Reconciling your account
What will provide money to replace lost income for years—even up to retirement.
Long-term disability
When someone says they need to file their taxes, they're talking about filling out a
A Federal Tax Return
Your social media posts, your style, and your speech all help to build what?
Your personal brand
You can fund your education by finding the right mix of what 3 things?
Scholarships, grants, working
what is Liquidity?
How quickly and easily you can access your money
Comprehensive coverage pays for loss or damage to your car caused by what?
Anything other than a collision
What is the main IRS form that most Americans use to file their taxes?
Form 1040
the idea that you should connect with people who are doing what you want to do and get in the right places in order to find new opportunities related to your dream job is known as what?
Proximity Principle
The average college student in 'Murica graduates with how much in student loan debt?
$35,000
Explain the benefits of keeping your money in a bank or credit union, as opposed to an envelope under your bed.
Banks and credit unions keep my money safe and help me manage it and access it. They'll insure my accounts up to $250,000 and some accounts even help me make money through compound interest
What type of insurance pays for the treatment of injuries and losses to the driver and passengers?
Personal injury protection
Why is receiving a large tax refund a bad thing?
It just means you did your taxes wrong and gave too much money to the government during the year. You could have been investing that extra money every month and letting it grow instead
What are the three identifying factors that need to intersect to find your sweet spot?
Your talents, values and passions.
What does FAFSA stand for?
Free Application for Federal Student Aid
How do banks make money?
Answers should include: Banks make money by charging interest on loans, ATM fees, overdraft fees, and account fees. They also invest your deposited money and earn interest that way.
Explain the difference between a premium and a deductible.
A premium is the amount of money you pay for the insurance policy every month. The deductible is the amount you have to pay out of pocket before the insurance company chips in
When you buy specific items like cigarettes, alcohol, airline tickets or gas, you will pay which type of tax
Excise Tax