Taxes
Based on the dollar value of a good or service being sold.
What is SALES TAX?
Total assets minus total liabilities.
What is a NET WORTH?
Allows you to make purchases now with borrowed money, which then you must repay to the lender in one lump sum or in monthly payments with interest.
What is a CREDIT CARD?
Money owed on a loan that was taken out to pay for educational expenses.
What are STUDENT LOANS?
Involves Negotiating, Shopping around to find the best deal, Having Patience.
What is GETTING THE BEST DEAL ON A PURCHASE?
A person you support financially, such as a child.
What is a DEPENDENT?
Less than 2 years, but it is something you want to do soon.
What is a SHORT-TERM GOAL?
A card provided as a service by a bank that allows a point-of-sale transaction that replaces cash and checks; transactions are deducted electronically from a cardholder's bank account.
What is a DEBIT CARD?
A period of time that generally begins on the day after a borrower graduates, leaves school, or drops below half-time enrollment and ends on the day before the repayment period begins. A borrower is not a required to make payments during this time.
What is a GRACE PERIOD?
The use of using Coupons.
A summary of your earnings and withholding for the year for one employer.
Hint: What Josh lost....
What is a W-2 FORM?
Things that people have to pay for to meet their day to day needs.
What are EXPENSES?
The minimum amount a cardholder must pay each month to remain a borrower in good standing.
What is a MINIMUM PAYMENT?
A federal student loan for which in some cases, a borrower is not responsible for paying the interest while in an in-school, grace, or deferment period.
What are SUBSIDIZED LOANS?
The 30 day challenge...
What is WAITING 30 DAYS BEFORE BUYING AN ITEM TO SEE IF YOU STILL WANT IT?
Levied annually on the value of what is owned; may be real or personal.
What is PROPERTY TAX?
Expense that does not generally change from month to month
What is a FIXED EXPENSE?
A person who buys and/or uses goods and services.
What is a CONSUMER?
A federal loan for which the borrower is fully responsible for paying the interest regardless of the loan status.
What are UNSUBSIDIZED LOANS?
Involves developing a variety of skills, from product research to careful comparative analysis.
What is BEING A WISE CONSUMER?
An amount you can legally subtract from your tax owed.
What is TAX CREDIT?
- Manage your finances
- Meet your financial obligations
- Plan strategically to meet your goals.
What is a PERSONAL BUDGET?
An account held at a bank or credit union in which account owners deposit funds. You may write checks or use debit cards, or ATM cards to access funds.
What is a CHECKING ACCOUNT?
The FAFSA (Free Application for Federal Student Aid) serves as the application for federal student loans
What is the FEDERAL LOAN APPLICATION?
The process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract.
What is FORECLOSURE?