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Government > Financial💸 > Flashcards

Financial💸 Flashcards

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1
Q

FORMAL EDUCATION EXAMPLES

A

College highschool online school

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2
Q

INFORMAL EDUCATION EXAMPLES

A

On the job

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3
Q

529 PLAN(think of rhyme man)

A

Savings plan for college

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4
Q

GRANT

A

From government and needs based

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5
Q

SCHOLARSHIP

A

Can be for anything

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6
Q

NEGATIVE FOR PRIVATE LOANS

A

High interest rate

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7
Q

SALARY PAY

A

Fixed rate no matter how much you work

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8
Q

HOURLY PAY

A

Paid based on time

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9
Q

COMMISION PAY

A

Money per sale

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10
Q

GROSS PAY

A

Before deductions

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11
Q

NET PAY

A

After deductions

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12
Q

PAYROLL DEDUCTIONS

A

Taxes insurance social security etc.

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13
Q

FRINGE BENIFITS

A

Extra benefits-vacation days, cell phone paid for, sports events

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14
Q

W-2(2 words)

A

Yearly taxable income

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15
Q

W-4

A

How many dependents

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16
Q

1099-MISC

A

Contracted work form

17
Q

TAX DEDUCTION

A

Lowers taxable income

18
Q

TAX AUDIT

A

When IRS reviews your taxes

19
Q

POSITIVE FOR COMMUNITY BANK

A

Knows you and your community

20
Q

BENIFITS OF CREDIT UNION

A

Lower fees

21
Q

LINE OF CREDIT

A

Amount of credit available

22
Q

COLLATORAL

A

Security for a loan

23
Q

HIGHEST CREDIT SCORE(add one subtract one take out last one

A

850

24
Q

LIEN

A

Right to keep possesion of property until debt is payed

25
Q

FORECLOSURE

A

Right to take back house if person doesnt keep up with mortgage

26
Q

STOCK

A

Dived shares of ownership

27
Q

IRA

A

Save for retirement

28
Q

ROTH IRA

A

Taxed

Government (3 decks)

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