Insurance
a custom selection option that allows employees to choose from a selection of benefits that best caters to them
what is cafeteria-style benefits
expense that can be subtracted from gross income to reduce amount subject to income tax
what is deduction
This interest bearing account pays interest based on current interest rates.
What is Money Market Account
the bank uses a backup source you specify to transfer funds from one source to another so that you do not go over a set limit and end up with a penalty charge
what is overdraft protection
you file for this when you have no money or are drowning in debt
what is bankruptcy
insurance coverage that covers medical expenses
what is health insurance
a lawful reduction of income tax for a qualifying reason
what is exemption
Dividing 72 by the annual rate of return to get a rough estimate of how many years it will take for the initial investment to duplicate itself
What is the rule of 72
One is non-profit with lower fees and high interest rates, and one is for profit with higher fees and lower interest rates
what is a credit union vs bank
to give or earn a right to a present or future payment, asset, or benefit
what is vesting
This retirement plan requires an employer to contribute to a worker’s benefit.
What is Pension Plan
Functioning as a form government payment, a percent of this is deducted from your earnings.
What is Income Tax
the degree to which an asset or security can be quickly bought or sold
what is liquidity
making and using contacts to get job information and advice
what is networking
the loss of potential gain from other alternatives when one alternative is chosen
what is opportunity cost
Fixed amount you pay every time you use a service
What is co-payment?
This is the examination of a person’s or company’s tax returns by the IRS.
What is Tax Audit
This money is set aside for disasters, such as a house flood.
What is Emergency Fund
any property or asset is given by a borrower to a lender in order to secure a loan
what is collateral?
This rate represents the privilege of borrowing money, and can also be compounded.
What is Interest
This federal insurance program provides coverage for senior citizens.
What is Medicare
This is the total amount of tax debt owed by a person or company.
What is Tax Liability
This bank note guarantees insurance of money for a specific amount of time.
What is Certificate of Deposit
a company’s legal financial debts/obligations that arise during the course of business operation
what is liability
This interest-bearing account pays interest based on current interest rates.
What is Money Market Account