November Flashcards
11/01/2021 Exiguous FD 1991 GangLu ClosingStatement
11/01/2021
Exiguous: Very small in size or amount.
Frederick Douglass: “If there is no struggle there is no progress.”
1991: Gang Lu, a student at the University of Iowa killed five others on campus then himself.
Closing Statement: The document in the package for the loan or refinance that records all the details of the financial transaction.
11/02/2021 Haecceity JK 2000 ISS 1003Form
11/02/2021
Haecceity: Property of being unique.
Jack Kerouac: “I saw that my life was a vast glowing empty page and I could do whatever I wanted.”
2000: One astronaut, Bill Shepherd, and Cosmonauts, Yuri Gidzenko and Sergei Krikalev were first to stay on ISS.
1003 Form: The Universal Residential Loan Application Form aiming to gather borrower information and provide loan terms. Original Loan Application the borrower filled out with their lender.
11/03/2021 Conation DL 1913 IncomeTax StatementOfInformation
11/03/2021
Conation: The mental faculty of a purpose, desire or will to perform an action.
Dali Lama: “if you want to be happy, practice compassion.”
1913: First income tax given to married men. Those who made 5k paid $10, 10k - $60.
Statement of Information: For borrower to list previous ten years of employment, liens, loans, marriage and residence status to ensure identity and resolve any conflicts.
11/04/2021 Aporia SW 1920 AirMail ClosingDisclosure
11/04/2021
Aporia: An irresolvable internal contradiction or logical disjunction.
Stevie Wonder: “We all have ability. The difference is how we use it.”
1920: New Air Mail Service started taking mail from Seattle, Washington to Vancouver, Canada.
Closing Disclosure: Five page doc containing info such as loan terms, fees, prices, interest rates, real estate taxes, insurance, closing costs.
11/05/2021 Purlieu TL 1605 GuyFawkes PCOR
11/05/2021
Purlieu: An area near or surrounding something, or an edge tract on the forest border.
Timothy Leary: “You’re only as young as the last time you changed your mind.”
1605: Guy Fawkes Night was celebrating the failed Gunpowder Plot where the English Catholics tried to assassinate King James I of England. Since then Britain celebrates this event with bonfires.
PCOR: The Preliminary Change of Ownership Report follows a Quit Claim Deed or Grant Deed notifying the county assessor when real property is having its ownership transferred to someone else
11/06/2021 Apologue MS 2007 PopeKing QuitClaim
11/06/2021
Apologue: A moral fable, especially one with animals as characters.
Mary Shelley: “Live, and be happy, and make others so.”
2007: Pope Benedict and Saudi King Abdullah meet at the Vatican for the first time and discuss minority Christian’s in Saudi Arabia.
Quit Claim Deed: The legal document transferring ownership of real property to another individual.
11/07/2021 Cloven WB 1811 Tippecanoe Credits
11/07/2021
Cloven: Split or divided into two.
Warren Buffet: “ Someone’s sitting in the shade today because someone planted a tree a long time ago.”
1811: Battle of Tippecanoe occurred in Battle Ground, Indiana as native tribes such as the Shawnee rose up and attacked the Governor’s soldiers.
Credits: A direct reduction of tax liability. Some credits are refundable, some are not which only reduce the tax liability to zero. Some credits may be carried over to another tax year.
11/08/2021 Arcuate AC 2006 KeithEllisonM EarnedIncome
11/08/2021
Arcuate: Shaped like a bow, curved.
Alice Cooper: “Mistakes are a part of the game. It’s how well you recover from them, that’s the mark of a great player.”
2006: Keith Ellison from Minnesota is elected as the first Muslim in the House of Representatives.
Earned Income: All amounts received as wages, tips, bonuses, other employee compensation and self employment income.
11/09/2021 Tinctorial AF 1921 Prize UnearnedIncome
11/09/2021
Tinctorial: Relating to dyeing, coloring or staining property.
Anne Frank: “Whoever is happy will make others happy too.”
1921: Albert Einstein received the Nobel Peace Prize in physics.
Unearned Income: Taxable income received such as investment money, interest, dividends, royalties, pensions, alimony and Unemployment.
11/10/2021 Curtail CSL 1973 Slaughterhouse Principal
11/10/2021
Curtail: Reduce in extent or quantity; impose a restriction on.
C.S. Lewis: “Courage is not simply one of the virtues but the form of every virtue at the testing point.”
1973: 35 copies of Kurt Vonnegut’s Slaughterhouse Five burned in North Dakota by residents for being too pessimistic for children.
Principal: The amount of debt left, not counting interest, on a loan.
11/11/2021 Quinquennial Montesquieu
1919 Armistice Note
11/11/2021
Quinquennial: Recurring every 5 years.
Montesquieu: “In most things success depends on knowing how long it takes to succeed.”
1919: Armistice Day is the first anniversary of the end of WW1. Later becoming Veterans Day.
Note: Legal instrument documenting the the promise to pay a specific amount, documenting interest in a defined time frame.
11/12/2021 Epiphenomenon Cher 1990 WWW StandardizedDeductions
11/12/2021
Epiphenomenon: A byproduct that arises from but does not influence a process.
Cher: “If grass can grow through cement, love can be found at every time in your life.”
1990: Sir Tim Berners-Lee published a formal proposal for the WWW in Switzerland.
Standardized Deductions: Set value subtracted from taxable income for non-itemizers.
11/13/2021 Overegg SdB 1940 Jeep ItemizedDeductions
11/13/2021
Overegg: To overembelish or exaggerate something.
Simon de Beauvoir: “I wish that every life might be pure transparent freedom.”
1940: 4WD, open-air cab Jeeps were submitted to US Army by Willys-Overland. WW2 saw 600k Jeeps made by it’s end.
Itemized Deductions: Claiming deductions from taxable income based on expenses throughout the year.
11/14/2021 Armamentarium EP 1995 Shutdown AGI
11/14/2021
Armamentarium: Collection of resources available for a certain purpose.
Elvis Presley: “Ambition is a dream with a V8 engine.”
1995: Budget deadlock between Clinton and R dominated congress causes government shutdown.
AGI: Adjusted Gross Income equals gross income less reductions that are allowed, regardless of personal itemized deductions.
11/15/2021 Sthenic YO 1971 4004 Title
11/15/2021
Sthenic: Of or having a high or excessive level of strength and energy.
Yoko Ono: “A dream you dream alone is only a dream. A dream you dream together is reality.”
1971: Intel released the first single chip CPU called the 4004.
Title: The document that gives the evidence of ownership and indicating rights of ownership.
