Final test Flashcards
Portfolio
A list of your investments
Three types of taxes
- Sales Tax
- Income Tax
- Property Tax
Income tax
Tax paid out by anyone who earns an income
Time poverty
A situation in which a person is lacking time, which leads to stress
Will
A legally enforceable declaration of how a person wishes his or her property to be distributed after death
Five things that successful people do
- They start
- They fight fear
- They ignore haters
- They stay humble and hungry
- They give to others
Policy in insurance/ What is the policy regards to insurance?
Describes the type of coverage in an insurance agreement
Philanthropist
A person who seeks to promote the welfare of others, especially by the generous donation of money to good causes.
(I search it up, couldn’t find in the book)
Premium
Amount you pay monthly, quarterly, semiannually or annually to purchase different types of Insurance
(MC) Earned income
Any income that is generated by working
Three types of property taxes
- Land
- Home
- Commercial
Six basic types of insurance
- Homeowners / Renter’s Insurance
- Auto Insurance
- Health Insurance
- Disability Insurance
- Long-term care Insurance
- Life Insurance
Diversification
The practice of dividing the money a person invests between several different types of investments in order to lower risk “don’t put your eggs in one basket”
Beneficiary
The person who receives the assets from the death of a friend or relative
Legacy
Anything handed down from the past; something that someone has achieved that continues to exist after they are gone
Why is it a good idea to get insurance?
Because insurance transfers the financial risk of life’s major catastrophes. chances are that something major and unexpected is going to happen at some point during your lifetime. Insurance will protect your wealth during those events.
Seven areas you should goal with
- Career
- Financial
- Spiritual
- Physical
- Education
- Family
- Social
Out-of-pocket expenses
Specific amount of money that you pay when insurance only covers a portion of costs
Passive income
Earning money that you earn without effort (ex. network marketing)
Core values
Traits or qualities that represent as individual’s highest priorities, deeply held beliefs and motivating forces
One’s guiding principles
What is a résumé?
A brief account of one’s professional or work experience and qualifications, often submitted with an employment application
Value system
A person’s priorities, beliefs and standards that affect how he or she views the world
What is the name of the personality file that we looked at in class?
DiSC
Accountability
The quality or state of being responsible, liable or answerable
