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Personal Finance > final > Flashcards

final Flashcards

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1
Q

standard work week

A

40 hours

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2
Q

self employed

A

they make estimated tax payments quarterly

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3
Q

tax day

A

april 15

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4
Q

W4 Form

A

your employer determines how much tax to withold from your wages based on your allowances

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5
Q

W2 Form

A

reports your income for the pervious year and how much you’ve paid in taxes

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6
Q

insolvent

A

liabilities are greater than assets (bad)

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7
Q

solvent

A

assets are greater than liabilities

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8
Q

canceled check

A

a check that has been processed by the bank

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9
Q

checkbook register

A

you should match this with your bank statement

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10
Q

stop-payment order

A

request that the bank not honor a specific check

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11
Q

bounced check

A

when a check is returned to the payee’s bank due to insufficent funds

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12
Q

interest

A

earnings paid on principal from a financial institution

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13
Q

direct deposit

A

net pay is placed directly into your account electroncally

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14
Q

short term needs

A

beyond your regular needs: vacation, repairs and emergencies

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15
Q

long term needs

A

years of saving: house, college, car and retirement

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16
Q

NCUA

A

this insures credit unions

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17
Q

FDIC

A

this protects savings accounts from losses up to $250,000

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18
Q

savings account

A

the first stage of investing is to open one of these

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19
Q

low risk investments

A

bonds, discount bonds

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20
Q

medium risk investments

A

stocks, real estate, mutal funds

21
Q

common stock

A

represents a type of stock that pays a variable dividend gives the holder voting rights

22
Q

preferred stocks

A

represents a type of stock that pays a fixed dividend but has no voting rights

23
Q

emerging stock

A

young stock

24
Q

blue chip stock

A

stocks of large well established coroprations with a solid record of profitability

25
Q

mutual fund

A

pooling of money from many investors to buy a large selections of securities

26
Q

liquidity

A

the measure of how quickly you can get cash without loss of value

27
Q

finance charge

A

total dollar amount of all interest and fees you pay for the use of credit

28
Q

pawnbroker

A

legal business that makes high-interest loans based on the value of personal possessions pledged as collateral

29
Q

loan shark

A

unlicensed lenders who charge illegally high interest rate

30
Q

creditworthy

A

person or company considered suitable to receive credit espcially based on their reliability

31
Q

credit report

A

written history statement of a consumer’s history such as credit history issued by a credit bureau to businesses

32
Q

credit score

A

total assigned points used to determine if you will repay debt as agreed

33
Q

The C’s of Credit

A

Character, Capacity, Capital, Conditions, Collateral

34
Q

collateral

A

property pledged to assure repayment of a loan

35
Q

ch 7 bankruptcy

A

liquidation from for individuals straight bankruptcy

36
Q

ch 11 bankruptcy

A

reorganization for business that still operate

37
Q

ch 13 bankruptcy

A

reorganization for individuals-wage earners plan, most common

38
Q

voluntary

A

most common form of bankruptcy ;ask to be declared bankrupt

39
Q

involuntary bankruptcy

A

creditors file on your behalf, asking the court

40
Q

lease

A

written agreement that allows a tenant to use property for a set period at a set rent payment

41
Q

month to month rental agreement

A

allows you to leave anytime

42
Q

landlord

A

lessor, responsible for the property

43
Q

tenant

A

lessee, who takes possession of the property

44
Q

Advantages and Disadvantages of renting

A

Advantages- mobility, social life, lower cost, small responibilities
Disadvantages- noise, privacy, lack of storage

45
Q

rental inventory

A

detailed list of property conditions

46
Q

appraised inventory

A

real estate appraisers prepare this by examining the structure, size, features as compared to similar homes in the same geographic area

47
Q

assessed value

A

for purposes of computing property taxes owed against the city or county in which you live

48
Q

what are the steps of safeguarding credit cards?

A

1) sign and activate cards 2) carry only cards you need 3) watch cards cafefully 4) tear up old receipts

Personal Finance (2 decks)

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