Taxes
Taxes must be postmarked or submitted by what day of the year?
April 15. Tax day!
What are the 4 strategies talked about in class?
50/30/20, zero-based, envelope, pay yourself first
List one reason why a high (good) credit score is important.
Lower loan percentages, higher approval for loans, might affect housing or renting situations, Might not be able to get CC's, may not get hired.
What are 5 factors that affect your car insurance rates?
Personal factors, driving history, mileage, deductible, type of vehicle
What is the name of Enzo's bunny?
Barnabus
What is unearned income?
Money not directly paid to you from your boss. Things like dividends, inheritance, and interest earned on assets.
It's important to have goals when it comes to budgeting, what should all goals be?
Realistic, Specific, and timely
What is the rule of thumb for the amount of usage when it comes to your line of credit?
Don't use more than 30% of your total amount.
This type of insurance only covers other people in an accident that is YOUR fault.
Liability
List the three types of check endorsements.
Blank, restrictive, and special
These two forms are required BEFORE you can work and get paid.
I-9 and the W-4.
List 4 things that should be recorded on your check registers.
Checks written, withdrawals, Deposits, debit card swipes, banking fees.
What is open ended credit?
A credit card (line of credit)
Explain the difference between a healthcare deductible and an auto claim deductible.
Auto: you have to pay the deductible for EVERY claim you file. Health: you pay only until the deductible is met, then all expenses are covered for the remainder of the year (up to a max)
Give three ways to manage debt BEFORE filing bankruptcy
Sell off belongings, pick up another job, minimize spending habits, shut off credit card, consolidate debt, ask for help from the lenders, sell a kidney, etc.
AGI stands for
Adjusted Gross Income
What's it called when you have spent more money than you budgeted for? (think of what we call the US Debt)
Deficit
If you are denied a loan due to a bad credit score, what are 2 ways to still secure the loan?
Have a co-signer, or put up collateral.
List the 5 types of auto insurance
Liability, Collision, Comprehensive, Personal Protection (no fault), un/under insured.
Get more work experience and to earn a higher level of education
Calculate how much Joe should be taxed. His AGI is $53,023
$6,718.08
It's smart to create a budget for your every day spending. This won't make you rich, but it will guarantee that you live ____________.
Comfortably
What are the 5 categories (AND their percents) that make up your credit score?
On time payments(history)- 35%
Usage- 30%
Credit age- 15%
New Credit- 10%
Credit types- 10%
List two things in common and two differences between a homeowners policy and a renters
Both have a liability coverage as well as a personal belongings policy. They will both usually have a loss of use policy too. The differences is that the homeowner's will cover the structure as well as other structures on the property.
Explain ammortization
It's a type of loan where the interest is front loaded. You pay mostly interest in the early stages and very little comes off the principle.