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Personal Finance

Personal Finance Semester Exam 1 Mr Back

QuestionAnswer
Gross Pay TOTAL AMOUNT OF MONEY EARNED
NET PAY AMOUNT OF TAKE HOME MONEY
FICA FEDERAL INSURANCE CONTRIBUTIONS ACT REQUIRING A DEDUCTION FROM PAY CHECKS & INCOME - GOES TO SOCIAL SECURITY & MEDICARE
SOCIAL SECURITY A GOVT SYSTEM THAT PROVIDES MONETARY ASSISTANCE TO PEOPLE WITH NO INCOME
MEDICARE FEDERAL GOVT THAT PAYS FOR CERTAIN HEALTH CARE EXPENSES CITIZENS 65+
DISC PERSONALITY PROFILE BEHAVIOR PROFILE TEST THAT YEILDS INSIGHTS INTO HOW YOU PROCESS DECISIONS AND WHAT YOUR NATURAL TENDENCIES MAY BE
INCOME TAX PROGRESSIVE TAX ON FINANCIAL INCOME OF INDIVIDUALS/COMPANIES, DECEASED ESTATES AND CERTAIN BANKRUPT ESTATES PAID TO THE GOVT
RESUME PERSONAL WORK HISTORY FOR GAINING EMPLOYMENT
7BABY STEPS 1 3-600 IN AN EMERGENCY FUND 2 DEBT SNOWBALL 3 3-6 MONTH EXPENSES 4 INVEST 15% HOUSEHOLD INCOME 5 COLLEGE FUNDING 6 HOME PAY OFF EARLY 7 BUILD WEALTH AND GIVE
WEALTH-CREATING ASSETS HOME GOES UP IN VALUE
DEPRECIATING ASSETS DECLINE IN VALUE / A CAR
MURPHY'S LAW WHAT CAN GO WRONG WILL GO WRONG
EMERGENCY FUND 3/6 MONTH EXPENCES READY IN CASH IN CASE OF AN EMERGENCY
COMPOUND INTEREST R+RATE, N=# TIMES COMPOUNDED, T=TIME/ INTEREST PAID ON PREVIOUSLY EARNED
INTEREST RATE COST OF BORROWING FUNDS, EXPRESSED AS A PERCENT
RISK THE LIKELIHOOD OF LOSS OR REDUCED PROFIT
RISK RETURN RATIO REWARD COMPARED TO AMOUNT OF RISK TAKEN
MUTUAL FUNDS
MONEY MARKET MUTUAL FUND
C.D. CERTIFICATE OF DEPOSIT; BANKS
DIVERSIFICATION SPREAD INVESTMENT MONEY; LOWER RISK
COMMODITY
LIQUIDITY QUALITY OF AN ASSET; AVAILABILITY OF MONEY
SAVINGS ACCOUNT
CALCULATING INVESTMENTS (SOTCK PRICE X PRICE PER SHARE = INVESTMENT)
IRA TAX-DEFFERED ARRANGEMENT FOR PEOPLE WITH EARNED INCOME & NON-INCOME SPOUSE GROWTH NOT TAXED
ROTH IRA RETIREMENT ACCOUNT FUNDED WITH AFTER TAX DOLLARS GROWS TAX FREE
401 (K) CONTRIBUTION PLAN OFFERED BY A CORPORATION TO ITS EMPLOYEES
403 (B) RETIREMENT PLAN; OFFERED BY NON-PROFIT ORGANIZATIONS
ROLLOVER MOVEMENT OF FUNDS TO RETIREMENT PLAN FROM QUALIFIED PLAN/CUSTODIAN
TAX-FAVORED DOLLARS MONEY THAT IS WORKING FOR YOU
APR INTEREST RATE ON BORROWED MONEY (ANNUAL PERCENTAGE RATE)
CREDIT CARD TOOL USED TO FINANCE A PURCHASE
DEBT CONSOLIDATION COMBINING ALL DEBTS INTO MONTHLY PAYMENT
DEBT SNOWBALL MINIMUM PAYMENTS MADE TO ALL DEBTS EXCEPT SMALLES, LARGEST PAYMENT
FINANCE CHARGE TOTAL DOLLAR AMOUNT YOU PAY TO USE CREDIT
LEASE MORTGAGE LONG TERM RENTAL AGREEMENT, FORM OF LONG-TERM DEBT
MORTAGE
IMPULSE PURCHASE TO BUY SOMETHING WITHOUT THINKING ABOUT IT
OPPORTUNITY COST TRUE COST; GIVE UP TO GET IT
APR INTEREST RATE ON BORROWED MONEY
BUYER'S REMORSE REGRETTING A PURCHASE SOON AFTER MAKING IT
CAVENT EMPTOR BUYER BEWARE
FINANCING TO BUY AN ITEM WITH CREDIT; PAYING OVER TIME
SIGNIFICANT PURCHASE AMOUNT OF MONEY YOU SPEND $300+ CAUSING SOME PAIN
FOUR WALLS FOOD, SHELTER, CLOTHING, TRANSPORTATION
WARRANTIES
BANKRUPTCY LEGAL PROCESS TO GET OUT OF DEBT WHEN YOU'RE FINANCIALLY FAILED
CREDIT BUREAU COLLECTS CREDIT HISTORY TO DECIDE ABOUT GRANTING LOANS
CREDIT REPORT REPORT SHOWING PAYMENT HISTORY
DISPOSABLE INCOME MONEY LEFT OVER FROM PAYCHECK AFTER TAXES/NECESSITIES
FFDCPA FEDERAL FAIR DEBT COLLECTION PRACTICES ACT. FORBIS COLLECTORS TO ABUSE/HARASS
FRAUD SELLERS INTENTIONAL DECEPTION OF BUYER-ILLEGAL
INDENITY THEFT USING ONE'S INFO TO OBTAIN GOODS OR SERVICES
GARNISHMENT COURT ORDER; LESS PAYCHECK TO CREDITORS UNTIL DEBT IS RESOLVED
PRO RATA BORROWER REPAYS EACH LENDER A FAIR % OF TOTAL DEBT WHEN ONE CANNOT MAKE THE MINIMUM PAYMENT ON ONES BILL
FICO SCORE "I LOVE DEBT" SCORE
COLLECTOR PRACTICES
BUDGET CASH FLOW PLAN; EVERY DOLLAR YOU MAKE IS ASSIGNED TO A SPECIFIC CATEGORY
FREQUENCY OF A WRITTEN CASH FLOW PLAN
ENVELOPE SYSTEM HELP PEOPLE MANAGE MONTHLY FINANCES
FIXED EXPENSES
VARIABLE EXPENSES
EMERGENCY FUND
ZERO-BASED BUDGET AN EXPENSE TO EVERY DOLLAR OF ONES INCOME TOTAL INCOME TOTAL EXPENSE
CHECKING ACCOUNT
ATM CARD ALLOWS YOU TO MAKE TRANSACTIONS IN AUTOMATED TELLER MACHINES
DEBIT CARD USED TO MAKE PURCHASES; MONEY COMES FROM CHECKING ACCOUNT
IMPULSE PURCHASE BUY SOMETHING WITHOUT THINKING ABOUT IT
RECONCILE MATCH BANK STATEMENT WITH OYUR CHECKBOOK (72 HRS)
NON SUFFICIENT FUNDS
POWER OF CASH
NEGOTIATING BARGAIN FOR A LOWER PRICE
WALK AWAY POWER ABILITY TO WALK AWAY FROM PURCHASE WHEN NEGOTIATING
REBATING
BARGAINS
IMPORTANCE OF RESEARCH
AUCTIONS PUBLIC SALE/ PROPERTY & ITEMS OF MERCHANDISE SOLE TO HIGHEST BIDDER
FORECLOSURES HOLDER WITH MORTGAGE SELLS THE PROPERTY TO HOMEOWNER WHO HASN'T MADE INTEREST
ESTATE SALES YARD SALE WITH MORE ITEMS
CONSIGNMENT RETAIL SHOP/PEOPLE SELL ITEMS & OWNER OF SHOP GETS A %OF THE SALE
ACCOUNTABILITY LIABILITY AND EXPECTATION OF ACCOUNT GIVING
ALLOWANCE MONEY GIVEN TO A KID BY GUARDIAN ON A WEEKLY BASIS
COMMISSION FEE PAID FOR PROVIDING A SERVICE
FISCAL HAVING TO DO WITH MONEY
FREE SPIRIT "EVERYTHING WILL WORK OUT FINE" HATES TO DEAL WITH NUMBERS
NERD PICKY ABOUT BUDGETING AND NUMBERS
WORK ETHIC MOTIVATED, LOAY & HONEST YOU ARE IN WORK
AUTO INSURANCE COVERS AUTOMOBILE
LIFE INSURANCE PROTECTS YOUR FAMILY FROM PERSONAL RISK EXPOSURE REPAYMENTS OF DEBT AFTER DEATH
RENTER'S INSURANCE
DEDUCTIBLE
PREMIUM AMOUNT YOU PAY FOR AN INSURANCE POLICY
COMPREHENSIVE PAYS TO REPAIR/REPLACE OWNERS VEHICLE & PERSONAL PROPERTY INSIDE
COLLISION COVERS THE ACT/PROCESS OF COLLIDING; CRASH OR CONFLICT
HEALTH INSURANCE PROTECT YOU FROM PAYING OUT OF POCKET FOR MEDICAL BILLS/TREATMENTS
TERM INSURANCE
WHOLE LIFE INSURANCE LIFE INSURANCE WITH BOTH INSURANCE AND INVESTMENTS
OUT OF POCKET COSTS THAT INSUANCE DOESN'T COVER; AMOUNT YOU PAY
LONG-TERM CARE INSURANCE CARE FOR PEOPLE 65+ THAT NEED CONSTANT SUPERVISION
IDENTITY THET INSURANCE
DISABILITY INSURANCE
ACCIDENTAL DEATH INSURANCE
ARM
APPRAISAL
APPRECIATION
CONVENTIONAL LOAN
CURB APPEAL
EQUITY
FIXED RATE
MLS
MORTGAGE
Created by: aphidkiller
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