J Mac Flashcards
What are some some the different benefits you need to consider when taking a job other than salary?
Health insurance, vacation
A job is ___
And a career is___
Short term
Long term
What’s the average cost of raising a child to 18?
165,000$
What’s the difference between a need and a want
You don’t need a want
Steps or goals to pay off things
Financial plan
How long is a short term goal
Less than 3 months
How long is an intermediate goal?
3 months to a year
How long is a long term goal
More than a year
What does the term cash flow refer to?
Movement of money
What is a budget or spending plan?
A spending plan for managing money
What are some of the common deductions the come out of people’s paychecks?
Federal taxes
Difference between gross income and net pay?
Gross pay is before deductions
Net is after
Difference between fixed expenses and variable expenses?
Fixed-same everytime
What is inflation?
Substantial rise in the general level of prices
What is time value of money?
The idea that a dollar today is worth more in the future
Interest paid on both the principle and on arrived interest
Compound interest
Simplified way to determine how long an investment will take to double
Rule of 72
The place where stocks are bought and sold
Stock market
The portion of the profits paid to the share holder of the company
Dividend
Difference between buying price and selling price of a stock.
Capital gain
Investment that makes the investor a part of a company
Stock
The spread of investments over difference investing
Diversification
First three steps of reaching financial peace according to Dave Ramsey?
Emergency fund
Payoff debt
3-6 month saving
Amount of money, something of value, that is loaned on trust, and is expected to be repaid
Credit
What the 4 c’s of credit?
Collateral
Capital
Capacity
Character
What is APR?
Annual percentage rate
Amount a credit card company can charge for using a credit card
Annual fee
Three main credit reporting agencies in the us?
Equifax
Experion
Transunion
Process of getting out of debt
Bankruptcy
When you Payoff the least expensive amount of debt first until you get to the most expensive is called?
Debt snowball
What does ARM stand for in relating to mortgages?
Adjustable rate mortgages
Insurance company with “Mayhem”
All-State
Insurance helps to limit this so you are not stuck with tremendous out of pocket expenses
Risk
Auto insurance that covers your car and the other person in an accident
Collision or full coverage
Dave suggests that you have how many times your income in life insurance covers?
10 times as much
The amount you pay for an insurance policy
Premium
Like a good neighbor “____ ____” is there.
State Farm!
The out of pocket expense you must pay before an insurance company kicks in its coverage is called what?
Deductable
This is the minimum amount of coverage a driver must have in the state of TN to drive a car.
Liability
What insurance has a gecko
Geico
A means of guaranteeing your financial protection against various accidents
Insurance
Covers restoration and monitoring services
Identity theft protection
Cover the contents of an appartment
Renters insurance
Designed to replace income lost if you cannot perform your job
Disability insurance
Designed to replace income lost due to death.
Life
Covers assisted living,in-home or nursing home care
Long term care
A bad side effect to free downloads to send you pop up ads and redirect your computer to unwanted sites is called..
Spyware
Allows employers to deposit your paycheck directly into your bank account
Direct deposit
A for profit company owned by its investors in its stock
Bank
Financial institution owned by their customers that are also called members
Credit union
Fastest growing white collar crime in North America
Identity theft
Caveat emptor
Buyer beware
Wait how long before making a major purchases
Overnight
Borrowing money and paying overtime
Loan
Amount of money that cause some pain
Emergency fund
✊
True or false
Haters gonna hate
Truly
Which teacher has the most swag
Mrs walker
Mark is gay
True
