Exam 4 (Ch 9 + 10) Flashcards
Insurance helps you:
transfer ____ from YBA to IC
transfer the risk from your bank account to the insurance company
Life insurance guarantees:
your _____ cert amt of _____ when you
your loved ones a certain amt. of money when you pass away
In return for paying the insurance company a fee:
Pay for _____ certain E or D
They will pay for certain expenses or damages
Comprehensive Coverage
Pays _____ L or D to car, except for C (as the cause)
Pays for loss or damage to your car,** except when collision in the cause**
Affordable Care Act, How Long on Parent’s Insurance?
Until you’re 26
Purpose of Life Insurance
Replace I when you ___
replace your income when you die
Coverage
amt _________ company agrees _______ incident
The amt of money an insurance company agrees to pay for an incident
Homeowner’s Insurance costs are higher:
in states, more _____ to HFT
In states more susceptible to Hurricanes, Floods, or Tornados
Has all the info u need in case of an accident
IC
Insurance Card
Covers you if someone steals your personal info
ITP
Identity Theft Protection
Amt you pay b4 insurance company makes any payments
D
Deductible
Lowers your auto insurance costs (3)
GG, DS, DOC
- Getting good grades
- Driving safely
- Driving an older car
Expenses taken out of your paycheck:
W&D
Witholdings and Deductions
Tax on purchase of goods or services
CT (like eating)
Consumption Tax
Every American who earns an income
must do what? (anually) - FTR
Must file a federal tax return each year
Tax on clothes, groceries
ST (the one you’ve seen before)
Sales Tax
2 General Types of Taxes:
On the money you E & S
Taxes on the money you earn and spend
Deadline for filing your income tax:
A 1 5
Usually falls on April 15
Net Income is also called
THP
Take-Home Pay
CT Pays for things everyone gets to enjoy (3)
PLZ
- Parks
- Libraries
- Zoos
Total tax a person/business has to pay
TL
Tax Liability
Keep your filed taxes for at least ____, in case ____
____ yrs, in case ________ ur tax return
for at least 3 years in case the IRS decides to audit your tax return
Most likely to need a tax professional’s help:
SE people
Self-Employed people
Tax on specific items (cigs, alcohol, gas, airline tickets, etc.)
ET
Excise Tax
Money earned hourly for your effort at work
W
Wages
Form estimates tax you will owe based on personal situation
W cuatro
W-4
Scenario: homeowner’s insurance, covered the damages of a nat. disaster
Why recieving a large tax return is bad:
The government was holding onto money that was yours in the first place
