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econ final Flashcards

1
Q

What is baby step 1?

A

1,000 in an emergency fund

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2
Q

What is step 2?

A

pay off debt with the debt snowball

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3
Q

what is step 3?

A

3-6 months expenses

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4
Q

what is step 4?

A

invest 15% of income into roth iras and pre tax requirements.

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5
Q

what is step 5?

A

college funding

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6
Q

What is step 6?

A

pay off home early

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7
Q

What is step 7?

A

build wealth and give

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8
Q

what is the united states savings rate?

A

-0.6%

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9
Q

What is saving money about?

A

emotion and contentment

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10
Q

what are the three basic reasons for saving money?

A

emergency fund
purchases
wealth building

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11
Q

Where is a great place to keep your emergency fund?

A

money market account from a mutual fund company

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12
Q

what is your emergency fund not considered

A

an investment

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13
Q

what is your frst savings priority

A

emergency fund

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14
Q

what is the second thing you save money for?

A

purchases

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15
Q

What is the third thing you save money for?

A

wealth building

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16
Q

what is a key ingredient when it comes to wealth building?

A

dicipline

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17
Q

What are pacs and what are they good for?

A

Pre- authorized checking

good way to build discipline

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18
Q

What is a mathematical explosion?

A

compound intrest

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19
Q

What is the 80/20 rule?

A

80% behavior and 20% head knowledge

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20
Q

money market

A

emergency fund

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21
Q

1000 in emergency fund

A

baby step 1

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22
Q

amoral

A

money is neither good or bad

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23
Q

sinking fund

A

saving money for purchase and letting the interest work for you rather than against you.

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24
Q

true or false: your income level greatly effects your saving habits.

A

false.

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25
Q

what does tax favored mean?

A

that the investment is an qualified plan or has a a special tax treatment.

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26
Q

Whats an IRA?

A

individual retirement arrangement. tax treament on virtually anytype of investment.

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27
Q

what is SEPP?

A

simplified employee pension plan

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28
Q

who is eligible for an IRA?

A

everyone with an income

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29
Q

what is the maximum annual payment you can give to IRA?

A

5,000

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30
Q

what is a Roth IRA?

A

an after tax IRA that grows tax free.

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31
Q

why should you choose a roth IRA?

A

it has more choices
higher income at retirement
no taxes when you cash out
tons of flexibility

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32
Q

who is eligible for Roth IRA?

A

singles with an income less than 95,000

couples with less than 150,000

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33
Q

under what conditions can you make penalty free withdrawals from Roth IRA?

A

5 years
over 59 year old
death or disability
first home purchase

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34
Q

what is the maximuim deductible amount for a SEPP?

A

45,000

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35
Q

who is a 401 K funded by? benefit?

A

you. if company goes broke you dont lose your money

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36
Q

Who is funding a pension plan

A

company. lose your money if the company goes broke.

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37
Q

where is a 403B found?

A

churches, hospitals, schools.

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38
Q

where is 457 found?

A

government employees.

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39
Q

what is dave Ramseys least favorite savings plan

A

457

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40
Q

how should you move your money from a Roth IRA over

A

direct transfer. do not bring your money home.

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41
Q

what are the 3 conditions you should have to roll to a Roth?

A

700,000 by age 65
can afford taxes separately not from Roth IRA
understand taxes will be due on the rollover amount.

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42
Q

what is ESA?

A

educational savings account

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43
Q

you should never buy a plan that….

A

freezes your options.

automatically changed investments depending on the age of the child.

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44
Q

what does UTMA/UGMA stand for?

A

Uniform transfer/ gift to minor act

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45
Q

how should you never save for college?

A

insurance, savings bonds, prepaid tuition

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46
Q

403B

A

the typical retirement plan found in nonprofit groups such as schools and hospitals.

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47
Q

401K

A

the typical retirement plan found in most corporations.

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48
Q

Roth IRA

A

grows tax-free

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49
Q

SEPP

A

the retirement plan for self-employed people.

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50
Q

what does pretax mean?

A

the government is letting you invest money before taxes have been taken out.

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51
Q

what is not a good way to save for college?

A

savings bonds.

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52
Q

when is the only time that it is okay to borrow money from your retirement plan?

A

to prevent going bankrupt.

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53
Q

what IRA grows tax-free?

A

roth

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54
Q

what is not a retirement plan?

A

529

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55
Q

what percentage of Americans are living paycheck to paycheck?

A

70%

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56
Q

what was the first credit card

A

a diner’s card

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57
Q

how did our great grandparents feel about debt?

A

thought it was a sin

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58
Q

how did our grandparents feel about debt?

A

thought it was stupid

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59
Q

how did our parents feel about debt

A

borrowed on a few things

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60
Q

how do we feel about debt

A

borrow on everything

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61
Q

what is the truth to the myth that if you loan money to a friend or a relative you are helping them

A

the relationship will be stained or destroyed.

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62
Q

what is the truth to the myth that by consigning a loan you are helping someone?

A

the bank requires a cosigner because the person isn’t likely to repay

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63
Q

what is the truth to the myth that cash advance is a needed service for lower-income individuals

A

they are horrible, greedy ripoffs that arent needed and benefit no one but the owners of companies.

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64
Q

what percent of americans are first generation rich?

A

80%

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65
Q

what is the truth to the myth the lottery and other forms of gambling will make you rich

A

the lottery is a tax on the poor and on people who cant do math.

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66
Q

how much do high schoolers pay on the lottery

A

173

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67
Q

how much do college students pay on the lottery?

A

49

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68
Q

what is the truth to the myth car payments are a way of life and you’ll always have one

A

driving used cars is what the typical millonaire does.

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69
Q

what is the cost of the average car payment

A

464 per month

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70
Q

what is the truth to the myth leasing your car is what sophisticated financial people do.

A

consumer reports, smart money magazine and a good calc will tell you that the car lease is the most expensive way to finance and operate a vehicle.

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71
Q

what is the truth to the myth you can get a good deal on a new car

A

a new car loses 70% value in first 4 years.

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72
Q

what is the truth to the myth ill take out a 30 year mortgage and pay extra.

A

life happens and something else will always seem more important.

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73
Q

what is the max lenght of mortage you should take out

A

15 years.

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74
Q

what is the truth to the myth its wise to take out an arm or ballon mortgage.

A

you will be moving when they foreclose

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75
Q

who does the adjustable rate mortage transfer the risk to?

A

yourself

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76
Q

what is the truth to the myth you need a credit card to rent a car or make purchases online or phone.

A

a debit card does all of that

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77
Q

what is the truth to the myth if I pay my credit card off every month with no annual payment or fee. bonus points. air miles

A

a recent Dun and bradstreet study found that when you use cash instead of plastic, you spend 12-18% less because spending cash hurts.

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78
Q

What is the truth to the myth ill make sure my teenager gets a credit card so he or she can learn to be responsible with money.

A

teens are a huge target of credit card companies today.

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79
Q

what percent of college students have debt before they graduate.

A

80%

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80
Q

what is the truth to the myth the home equity loan is good for consolidating and is a sub for emergency fund

A

you dont go into debt for emergencies.

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81
Q

What is the truth to the myth debt consolidation saves interest and you get a smaller payment

A

debt consolidation is a con

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82
Q

What is the truth to the myth debt is a tool.

A

the borrower is slave to the lender.

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83
Q

What are the steps out of debt

A 
quit borrowing more money
you must save money
sell something
part time job or overtime
use the debt snowball
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84
Q

what does caveat emptor mean?

A

buyer beware

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85
Q

what are the four major ways companies compete for your money

A

personal selling
financing
tv, radio, internet and other media.
product positioning.

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86
Q

what is considered a significant purchase?

A

300$

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87
Q

what are the steps to develop power over purchase

A 
wait overnight
consider your buying motives
never buy anything you don't understand
consider opportunity cost
seek wise counsel
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88
Q

financing

A

borrowing money and paying overtime.

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89
Q

how many advertisement do people view daily?

A

3,000

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90
Q

what is a sign of a well trained salesperson?

A

answering a question with a question

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91
Q

what do 90 day same as cash contracts convert to?

A

payments with interest up to 24%

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92
Q

what is the truth to the myth you need to take out a credit card or car loan to build your credit score.

A

the fico score is an i love debt score and not a measure of winning financially.

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93
Q

how long is it till your account information is removed from you credit report

A

7 years

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94
Q

how long does your information stay on your credit score if you go bankrupt?

A

10 years

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95
Q

what is the only information that may be legally removed from your credit report.

A

inaccurate information

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96
Q

what percent of credit reports contain mistakes

97
Q

what percent of accounts have been closed by the consumer but remain open

98
Q

what percentage of credit reports listed the same mortgage twice

99
Q

how often should you check your credit report

100
Q

what are the three credit bureaus

A

experian, transunion, equifax

101
Q

what is the fastest growing white collar crime in north america

A

identity theft

102
Q

What are the steps to take after identity theft?

A

place a fruad victim alert on your credit bureau report
get a police report
remember that you owe nothing and should pay nothing.
contact fraud victim division and furnish documentation
be persistant

103
Q

to clean your credit report of inaccurate info what are the steps to take

A

write a seperate letter for each inaccuracy
staple a copy of your credit report
circle the account number.

104
Q

how should all letters to the credit agency be sent out

A

certified mail with return receipt

105
Q

with who should you lodge any complaints about your credit report

A

federal trade commission and your states consumer affairs division.

106
Q

what is the best way to pay debt

A

come up with a plan

107
Q

what is a collectors job?

A

only job is to get your money

108
Q

always set your priorities by what four walls

A

food
shelter
clothing
transportation

109
Q

between what hours can a collector call you?

A

8:00am-9:00pm

110
Q

why should you not use a cease a desist letter with collectors

A

all negotiations stop and any hope of positive resolution is lost.

111
Q

what may no credit or collector do?

A

take a bank account or garnish wages without proper lengthy court action. except in case of student loan debt

112
Q

what plan should you use when you are unable to pay minimum payments.

A

pro rata plan

113
Q

what does pro rata mean

A

the fair share or the percent of your total debt each creditor represents.

114
Q

how do you use the pro rata plan

A

your your monthly cash to determine your total disposable income.. add up you total amount of debt, not including home.

115
Q

what is total payoff

A

the total amount due on the account

116
Q

total debt

A

the combined total of all your debts

117
Q

what is disposable income

A

the amount of money that you will now send to each creditor

118
Q

what is foreclosure

A

process by which the holder of a mortgage sells the property of a homeowner who has not make intrest or principal payments on time

119
Q

What is repossession

A

is taking something back for failure to make payments

120
Q

what is bankruptcy

A

a legal procedure for dealing with debt problems and businesses

121
Q

what is garnishment

A

a court ordered attachment that allows a lender to take monies owed directly from a borrowers paycheck.

122
Q

what is surrender of collateral

A

in a bankruptcy procedding, a debtor can give up property to the creditor in echange for a clean slate.

123
Q

delinquency

A

broadly refers to a borrower not being current on his or her payment

124
Q

where are lawsuits under 10,000 filed

A

general sessions court

125
Q

how many days are you giving for a court date

126
Q

what was passed in 1977 to protect you from unfair collectors.

127
Q

what tactics are collectors willing to use

A

lying, harassment, being friendly

128
Q

the pro rata plan includes what elements

A

repayment of debt as soon as possible
using the four walls to set priorities
giving a percentage of debt to each creditor

129
Q

what is the fasting growing group of people filing for bankruptcy

130
Q

what are a signs of crisis living and sloppy lazy money habits

A

overdrafts

131
Q

what are some reasons why people dont do cash flow plans.

A

straight jacket connotation
been used to abuse them
budget never worked before
paralysis from fear of what they will find

132
Q

What are some ways that cash flow plans do not work

A

leave things out
overcomplicate plan
dont actually do it
dont live on it.

133
Q

what does a written plan remove

A

management by crisis from your finances

134
Q

what will a writtten plan remove from your life

A

overdrafts, and stress, show overspending in areas

135
Q

what is the easiest and most powerful plan in budgeting

A

zero based budget using the envelope system.

136
Q

how long does it take to get a budget right.

A

3-4 months

137
Q

monthly cash flow

A

form used to do a budget

138
Q

irregular income form

A

form used by persons earning an inconsistant onthly income

139
Q

reconcile

A

process used to determine if the balance in your checking registry matches the balance reported on the bank statement

140
Q

what should your monthly budget include

A

fixed expenses
variable expenses
money to blow

141
Q

what would account for a difference in balances in your checkbook registry and bank statement after reconciling the two

A

an error
outstanding checks
deposits that did not post

142
Q

when is it proper for you to get a great deal

A

have in no way misrepresented the truth
have not set out to harm the other party
have created a win win deal.

143
Q

what is the first key to huge bargains

A

negociating

144
Q

what are the seven basic rules of negociating

A 
always tell the truth
use power of cash
cash is emotional
cast is visual
cash has immediacy
understand the walk away power
shut up
thats not good enough
good guy, bad guy
if i take away technique.
145
Q

what is the second key to huge bargains

146
Q

what is the third key to huge bargains

A

where to find good deals

147
Q

what are some places to find good deals

A 
individuals
estate sales
public auctions
couponing
garage sales
repo lot
flea markets
refunding
foreclosures
pawn shops
classified ads
consignment sales
148
Q

rebating

A

sending in proof of purchase, receiving cash back

149
Q

what does the flow of money in a family represent ?

A

value system under which the family operates.

150
Q

how do men about emergency funds

151
Q

how do women feels about emergency funds

A

important key to financial life.

152
Q

how do men get good deals

A

negociating

153
Q

how do women get good deals

154
Q

what is the number one cause of divorce in america

A

money fights

155
Q

why does the nerd like doing the budget

A

it gives them control, and felel they are taking care of loved ones

156
Q

what three things can lead to poor money managementt

A

time, poverty, fatique

157
Q

what does a written plan give a single persom

A

empowerement, self accountability

control

158
Q

whos responsibility is it to teach children about money

159
Q

parents hould pay commissions not allowance

160
Q

what three envelopes should you use for children

A

giving. spending, saving

161
Q

at what age should a child get a checking account

162
Q

commission

A

getting paid based on the work that you have done

163
Q

how long should a budgeting committee meeting last

A

10-20 minutes.

164
Q

how long is the average job

165
Q

how many jobs will the average worker have

166
Q

what percent of companies have fewer than 100 employees.

167
Q

what is the truth to the myth as you grow you change

A

you do not change your personality

168
Q

wha is the truth to the myth you will learn and grow the most in the areas in which your weakest

A

you grow in strenghts.

169
Q

what is your disc profile

A

a simple test that will yield tremendous insight into how you process decisions and what your natural tendencies may be.

170
Q

what is d

A

hard charging driver that is task oriented and first looks to problems.

171
Q

what is i

A

influencing

people oriented, fun outgoing, concerned about people pleasing

172
Q

what is s

A

stable

amiable, loyal, does not like conflict

173
Q

what is c

A

compliant

analytical, loves detail, and loves procedures.

174
Q

what are the three ways you want to contact a company

A

introduction letter
cover letter
resume
phone followup

175
Q

what are the steps to a good interview

A

present yourself well, be on time, address everyone by name, offer a firm confident handshake, maintain eye contact.

176
Q

how do you get started with a second job

A

be willing to sacrifice yourself.
have a detailed plan
choose the job or start a home based business.
dont give up

177
Q

withholdings

A

taxes deducted from your paycheck

178
Q

net pay

A

your actual take home pay

179
Q

gross pay

A

your total wages from working

180
Q

federal

A

tax used for government programs

181
Q

when are most hiring decisions made

A

before the interview

182
Q

what should you never invest purely for

A

tax savings

183
Q

what should you never invest using

A

borrowed money

184
Q

what does diversification mean

A

to spread around

185
Q

as there is more liquidity what is there less of

186
Q

what is ACD

A

a certificate of deposit

187
Q

what are money market mutual funds

A

low risk money market accounts with check writings privaleges

188
Q

what happens when you buy stock

A

you are buying a small piece of ownership in the company. your return comes as the company grows

189
Q

what is a bond

A

a debt instrument by which a compnay owes you money

your return is the money given and instrest

190
Q

what is a mutual find

A

investors pool there money together.

191
Q

are mutual funds a good long term investment

192
Q

what are some horrible investments

A

gold
commodities
day trading
viticals

193
Q

large cap

A

growth and income funds

194
Q

what record should you always check when investing

A

5 year track record

195
Q

what is a list of your investments

196
Q

what is the least liquid of all investments

A

rental real estate

197
Q

aggressive growth funds

198
Q

savings account within an insurance company

199
Q

what percent of any 10 year period in the stock market has made money

200
Q

what is the kiss rule of investing

A

keep it simple stupid

201
Q

savings account with a certificate

202
Q

how much money should put down for a house to avoid PMI

203
Q

how much money do you have to put down on a va loan

204
Q

what is the minimum you can put down on a standard loan?

205
Q

what should you think like when selling a home

206
Q

what condition should the home be in

A

near perfect

207
Q

what is the most important aspect of selling a home

A

curb appeal

208
Q

when selling your home where should it be listed

209
Q

who should you not use at your realtor

A

friends or family

210
Q

who should you always interview

211
Q

what is not necessary when selling a home

A

home warranties

212
Q

why is homeownership a great investment

A

forced savings plan
inflation hedge
grows virtually tax-free

213
Q

title insurance protects you against what

A

an unclean title

214
Q

when should you get a land survey

A

when you are buying more than a standard subdivision lot

215
Q

homes are prices on what three things

A

location *3

216
Q

where should you buy a house near

A

water or a view

217
Q

what things should you overlook when buying a house

A

cosmetic appeal

218
Q

what things can not be overlooked when buying a house

A

floorplan or street appeal

219
Q

always have a home inspected by whom

A

a certified home inspector

220
Q

when should you get an appraisal

A

if you have doubt about the price of a home

221
Q

what homes should you never buy

A

mobile homes, trailers, timeshares

222
Q

what is the best mortgage

A

the one hundred percent down plan

223
Q

get a payment on no more than 25% of your take-home pay on a 15-year fixed-rate plan.

224
Q

horrible mortgage options

A

ARM- adjustable-rate mortgage
reverse mortgage
the accelerated or bi-weekly payoff

225
Q

what is one reason you should never keep a loan

A

for tax advantages

226
Q

basic ways to finance a home

A
  1. conventional mortgage
    privately insured
    downpayment of 5-20%
  2. FFH loan
    downpayment of 3%
  3. va loan
    benefit veterans
    downpayment of 0%
  4. owner financing. the owner is the mortgage holder and you pay them.
    creative in the structure of the loan
227
Q

what is the best payment option

A

the conventional loan

228
Q

who are people managers for

229
Q

what does giving move people to be

A

less selfish

230
Q

what is giving a reminder of

A

ownership
praise and worship
when you give its spiritual welfare

231
Q

what should you never give with the motive of

A

having it returned

232
Q

property tax

A

taxes paid by anyone who owns property such as land, a home, or commercial real estate

233
Q

resume

A

a brief account of ones professional or work experience and qualifications

234
Q

any income that is generated by working

A

earned income

235
Q

a federal insurance program funded by taxpayer dollars that provides benefits to people who are retired, unemployed or disabled.

A

social security

236
Q

tax income

A

taxes paid out by anyone who earns an income

237
Q

tax collection and tax law enforcement

A

the international revenue service is the federal government agency responsible for

238
Q

what is the difference between gross pay and net pay

A

net pay describes your pay after deductions.

Economics (7 decks)

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