Save
Busy. Please wait.
Log in with Clever
or

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever
or

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

epf 7

TermDefinition
401K retirement savings plan funded by deductions from your paycheck
403B a retirement savings plan for those employed by a tax-exempt institution (hospitals and nonprofits)
Pensions benefit that requires an employer to make contributions to a pool of money funding eligible employees during retirement; employers offer “matching programs” for higher payouts in retirement through larger contributions; these are deducted from paychecks
Health Insurance these are deducted directly if you elect this benefit from your employer/it is offered; this is usually a percentage of costs or set amount taken from each pay cycle
Medicare/Medicaid up to a certain amount is subject to this tax and is taxed at a 1.45% rate (this is included in FICA)
Social Security up to a certain amount is subject to this tax and is taxed at a 6.2% rate (this is included in FICA)
Traditional Individual Retirement Account (IRA) a special account in which a person saves a portion of their pay for retirement before taxes like FICA, Federal, State are taken out, instead you pay the taxes when you start withdrawing the money in retirement.
Roth Individual Retirement Account used by families to save additional money for college; these can count as income when taken out for college and could alter financial aid packages or eligibility; contributions are low for this type of savings
Premium the money paid to an insurance company to purchase a policy; some companies offer savings for paying in fewer installments over the course of a year or purchasing multiple types of insurance
HMO vs. PPO both plans have networks of contracted medical providers; HMO policies do not reimburse for providers who are not in their network; PPO policies offer a reduced reimbursement for out-of-network providers and may have other limitations on those services
Copay a scheduled amount due for a covered medical service or product with medical insurer paying the difference
Co-insurance a rate that a policyholder pays for certain medical services or products based on a negotiated rate between the insurer and medical provider; in some plans this is after the deductible is met
Deductible the set amount that a policyholder must pay per loss on an insurance policy
Actual cash value claim settling method in which the payment received is based on the replacement value minus depreciation
Replacement value claim settling method in which the payment received is the full cost of repair or replacement
Life Insurance premiums pay a death benefit to named beneficiary
Health Insurance helps cover the financial burden of healthcare; do not usually cover vision and dental insurance
Short-term disability Insurance regular cash income when an employee is unable to work due to accident or illness, some allow pregnancy; usually have to wait before you are paid
Death benefit a payout to the beneficiary of a life insurance policy, annuity, or pension when the insured or annuitant dies. For life insurance policies, this is not subject to income tax; named beneficiaries ordinarily receive this as a lump-sum payment.
Beneficiary person named to receive benefits from an insurance policy
Last will and testament a legal document that outlines your preferences related to property distribution after death, such as who will inherit your home, personal belongings, or money.
Codicil to will A NC will can be changed at any time before your death through either a codicil, which is an amendment or addition to an existing will, or by creating an entirely new will that properly revokes any previous wills.
Living will legal document in which you state whether you want to be kept alive by artificial means if you become terminally ill and cannot make the decision
Living trust property management arrangement in which someone takes over some of your assets and the trustee receives instructions for managing the assets while you are alive as well as after your death
Transfer on death deed allow you to pass ownership of your accounts directly to a beneficiary of your choosing when death occurs. Without such designations, each account would have to go through the probate court before it can be distributed to your desired heirs.
Durable power of attorney a legal document that allows someone to act on your behalf
Created by: deissyg
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards