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Personal Finance > PF > Flashcards

PF Flashcards

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1
Q

Specific gifts

A

particular item or property in an estate transferred to beneficiary on owner’s death. Specifics must be provided. (house, jewelery, etc.)

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2
Q

Non-specific gifts

A

does not refer to specific item. (all my personal possessions)

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3
Q

Residuary gifts

A

everything left in estate after all debts, bills and taxes have been paid and specific and non specific gifts have been distributed

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4
Q

Gifts to children

A

executors will keep for safekeeping gifts to children under 18 until they become of age unless will specifies guardian or parents take receipt of gift on child’s behalf

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5
Q

Gifts to charities

A

Gifts left to charity in will are free from inheritance tax.

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6
Q

grantor

A

person who forms the trust and supplies the assets

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7
Q

trustee

A

person named in the trust to administer the trust according to the terms and state trust law

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8
Q

beneficiary

A

the person for whose benefit the trust property is held by the trustee

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9
Q

intent from grantor

A

must have a valid legal purpose

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10
Q

property

A

asses subject to the trust

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11
Q

Living Trust

A

trust in which you assign the management of your assets to a trustee while you are living

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12
Q

Revocable living trust

A

living trust that can be dissolved

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13
Q

Irrevocable living trust

A

living trust that cannot be changed, although it can provide income to the grantor

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14
Q

A Living Will

A

a document to make your family aware of the type of care you want to receive if you should become terminally ill, on life support or permanently unconscious. This document is only effective in the event you are unable to express your wishes yourself.

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15
Q

Oral Will

A

spoken testaments given before witnesses. Not widely recognized from a legal perspective

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16
Q

Testamentary Will

A

formally prepared document signed in the presence of witnesses.

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17
Q

Holographic Will

A

written without the presence of witness. Rarely hold up in court.

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18
Q

Guardianship

A

requires a legal document called a will.

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19
Q

Will

A

determines guardians, money flow otherwise determined by court

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20
Q

Attorneys

A

can provide you insights for titling documents, wills, etc…

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21
Q

Accountants

A

can help you determine net worth, see tax advantages

22
Q

Certified Financial Planners

A

can help you diversify investments, protect assets

23
Q

Living Will

A

A plan to care for someone who is young or incapacitated and cannot care for themselves

24
Q

Trade-Offs

A

A trade-off is giving up one thing for another.

25
Q

Healthy Giving

A

Giving out of excess in your life

26
Q

Unhealthy Giving

A

Does not enhance the well-being of both the receiver and giver.

27
Q

Financial Statements

A

Creates a plan for special events that involve giving

28
Q

Financial Statements

A

Assess the overall financial position to evaluate pros & cons of giving

29
Q

Earning

A

Be grateful to those that have given to your growth of human capital

30
Q

Earning

A

A career choice could be an ultimate form of giving

31
Q

Earning

A

Choose a career that can help you meet your giving goals

32
Q

Savings & Investing

A

Savings and investing are valuable avenues to give

33
Q

Savings & Investing

A

Emergency savings should be established prior to giving

34
Q

Risk Management

A

Ensure you have planned for life events and accounted for such expenses prior to giving

35
Q

Risk

A

chance of loss from an event that cannot be entirely controlled

36
Q

Emergency savings

A

at least six months of expenses set aside to cover costs of unexpected expenses

37
Q

Insurance

A

a financial product purchased by many people facing a similar risk to protect against the risk of larger losses

38
Q

Policy

A

A contract between the insurance company and the insured that states the exact terms of the policy

39
Q

Coverage

A

The risks covered and amount of money paid for losses under an insurance policy

40
Q

Policyholder

A

Person who owns the insurance policy

41
Q

Premium

A

Money paid to purchase the policy

42
Q

Claim

A

a formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury

43
Q

Deductible

A

the out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss

44
Q

Co-insurance

A

requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid

45
Q

Employee benefits

A

products or services that add extra value for employees beyond earned wages

46
Q

In-kind income

A

the donation of a product or service in place of cash

47
Q

Health insurance

A

provides money to pay for health care

48
Q

Disability insurance

A

Payment to replace earnings during times when workers cannot work due to illness or injury

49
Q

Long-term care insurance

A

Payment for extended nursing care when a person cannot live independently (but doesn’t need to be hospitalized)

50
Q

Property insurance

A

payment to insured person if his/her property is damaged or destroyed by an accident

Personal Finance (1 decks)

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