Personal Finance 1
I am what APR stands for in the context of financial transactions.
What is Annual Percentage Rate (APR)
I am the electronic method allowing an employer to distribute your earnings directly into your checking account.
What is direct deposit?
I am the US federal agency that provides deposit insurance coverage for banks.
What is the Federal Deposit Insurance Corporation (FDIC)?
I am the name of the form that must be completed to qualify for federal student aid.
What is FAFSA?
I am a product that protects you from the risk of financial ruin after a negative event and requires regular monthly premiums be paid.
What is an Insurance Policy?
I am the form your employer requires you to fill out when you start a new job and every year after that in order to help them calculate how much to deduct from your income each paycheck.
What is a W-4?
I am the date Tax Day (the last day to file your taxes) normally falls on unless it is a holiday or weekend.
What is April 15th?
I represents a share in the ownership of a company and can often be traded on an exchange.
What is a Stock?
I am the type of retirement account offered by an employer allowing its employees to make regular contribution pre-tax. The employer often offers a match for contributions made.
What is a 401K account?
I am the cost to file the FAFSA.
What is $0.00?
I am how frequently the FAFSA form must be completed in order to continue to qualify for federal student aid.
What is annually?
Which formula is used to determine the net worth of an individual or household?
Assets - Liabilities = Net Worth
I am an individuals total earnings BEFORE taxes and deducations is called
What is Gross Pay?
I am an individuals total earnings AFTER taxes and deducations is called
What is Net Pay?
I am a word that describes how easily the money in an account can be turned into cash.
What is Liquidity?
I am the tax form your employer sends to you at the end of the year to confirm your salary and the deductions that have already been taken out from your pay.
What is a W-2 form?
I am the type of wealth created when the value of a home is worth more than the money owed on it.
What is Home Equity?
I am a business that tracks the type of debt you have, how much it is, and how often you pay it back and reports it to prospective lending institutions and employers.
What is a Credit reporting agency (Equifax, Experian and TransUnion)?
I am the 2 types of taxes that together are called FICA taxes.
What is Social Security and Medicare?
I am a bank would charge you if you spent more money from your checking account than you actually have in it.
What is an overdraft fee?
I am an account used to cover medical expenses. Your contributions are deposited pre-tax and remaining funds can be used for retirement.
What is an HSA?
I am the portion of your mortgage payment that increases in proportion to your monthly payment over time.
What is the principal paid?
I am the formula you would use to calculate how much your car would be worth over time if it loses 8% of its current value every year and was initially worth $60,000.
What is y=60000(1-.08)x
I am the maximum percentage of your annual earnings the FHA recommends you should spend on your housing alone.
What is 28% (front-end ratio)?
I am a retirement account that an individual may open with post-tax contributions.
What is a Roth IRA?