Consumer and Personal Finace Flashcards
Budget
A plan for how to save and spend your income
Checking Account
Used for immediate purchases
Claim
Request for payment loss
Co-Pay
Amount due when a person receives health care
Credit
Practice of buying goods and services now and paying for them later
Credit Report
Statement that details one’s credit record
Credit Score
A number assigned to designate someone’s creditworthiness
Deductible
An amount paid by the person before the insurance company will pay
Identity theft
Stolen Identity
Income
Money received from an employer
Interest
Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
Pension Plan
A retirement plan that requires an employer to make contributions into a pool of funds set aside for a worker’s future benefit
Premium
Amount paid for insurance coverage
Savings Account
Used for future purposes
Wages
Based on hours you work
Salary
Not going to change no matter how many hours you work, you will still get the same each year. Based on yearly price
Withdraw
Removing money from a bank account
Work Ethic
Set of values based upon hard work and diligence
What are examples of bonuses/rewards offered by credit card companies?
Cash Back, Air Miles, Discount on Merchandise
What are examples of fixed expenses?
Health insurance
Car payments
Rent on an apartment
What are examples of irregular yearly expenses?
Federal income Tax
Christmas Presents
What workforce readiness skills do employers look for?
Professionalism
Oral and written communication
teamwork/ collaboration
Critical thinking/ problem solving
What are the various types of insurance? What do they pay for? What do they protect?
Car insurance-
Protects-Vehicle in case of an accident or theft; Occupants in case of an accident.
Pays-For property damage and bodily injury legal costs and related expenses
Health-
Protects-Policyholder and dependents in the event of injury or illness
Pays-For doctors, hospital visits, and prescription drugs
Homeowner
Protects-Structures, land, and personal property
Pays-For damage due to fire, theft, or natural disaster
Renter’s
Protects-Personal property
Pays-For loss of or damage to personal items
Disability
Protects-Income when a person cannot work
Pays-Percentage of income when a person is out of work due to an injury or illness
Life
Protects-Family when a wage earner dies
Pays-Money to the family to meet expenses after death
