Intro/Income and Banking
A type of income derived from services you performed such as hourly wages or salary.
What is active income?
An estimate of income and expenditures for a set period of time
What is a budget?
A contract represented by a policy in which an individual or entity receives financial protection or reimbursement against covered losses from an insurance company.
What is Insurance?
Government fees on business and individual income, activities, products, or property.
What are taxes?
It is the number one cause of divorce.
What is money?
Any government system that provides money for people with low or no income and is funded by payroll taxes paid by employees and employers.
What is social security?
This type of expense does not change month to month, such as rent, mortgage, insurance.
What is a fixed expense?
Principle and interest payments, neighborhood association fees, insurance, tax payments.
What is the real cost of owning a home?
Using a password safe to store all passwords in an encrypted file, limiting the amount of personal information you store on your phone, and keeping all application versions up to date.
What is practicing Data Security?
It is a way to express appreciation for someone’s kindness or service. It can (should) be written after a job interview.
What is a thank you card?
A non-profit financial institution that is owned by its own members.
What is a Credit union?
Mortgage, student loans, and small business loans are examples of this.
What is good debt?
Insurance that the bank requires that you purchase that will pay for the house should you default.
What is Private Mortgage Insurance (PMI)?
Professionals choose the stocks, bonds, and cash equivalents, including the % mix between each
What is investing in a mutual fund?
Contact information, introduction, career summary, education, other (training, languages, awards)
What are the five key components of a resume
A type of account that typically has higher interest rights, a minimum balance to avoid fees and will limit the number of monthly transactions.
What is a Money Market?
This strategy involves listing all debts from smallest to largest, making minimum payments on all but the smallest, which is paid off first, to gain momentum in debt repayment.
What is the debt snowball method?
Coverage that goes beyond the limits of home and auto insurance. People with this insurance usually have material savings or own things that are considered dangerous
What is Umbrella Coverage?
Highways, national parks, state parks, public education, social security, international security, and national defense
What are the goods and services the government provides through taxes?
The age you should begin to teach your children that they may have to wait to buy something they want and that sharing is caring
What are ages 3-5?
A tax form that tells your employer how much should be withheld from your paycheck for federal income taxes.
What is a W4?
These are the Five “C”s of credit.
What is character, capacity, capital, collateral, and conditions?
Home loan not insured by the federal government, usually for 15 or 30 years, and underwritten to Fannie May or Freddie Mac guidelines
What is Conventional Mortgage?
It is a legal contract involving two parties: The borrower (the firm or government), raising the money, and the lender (‘investor’), providing the money and getting a return
What is a Bond?
A phrase that oozes with arrogance and laziness and is often said in response to someone asking for help or if something needs to be done.
What is “That's not my job!”