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137 Cards in this Set
- Front
- Back
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Consumer Rights
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To Safety, to be informed, to choose, to be heard, to redress, to consumer education, service
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Consumer Responsibilities
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use products safely, to use info, to choose carefully, speak up, seek redress, learn, reward good services
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full warranty
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magnuson-moss warranty act:
anyone who owns the product during warranty period, no cost, consumer only has to notify company of problem, can't be repaired, refund or replacement is given |
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limited warranty
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only original owner, pay for service, postage, fulfill requirement, refund or replacement may not be available, time period may be specified
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implied warranty
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in effect even though it is NOT in writing
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warranty of merchantability
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product does what it's supposed to do
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warranty of fitness for a specific purpose
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speciality items purchased for unique purpose
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computer security
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website https://
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internet safety
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online harassment, do not give out any personal information, avoid enemies
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pyramid Scheme
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illegal get-rich scheme; each person gets others to pay to join, who in turn get others; it doesn't work because you will run out of people
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identity theft
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illegal use of an individuals personal information
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writing an effective complaint letter
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enclose copies of receipt, state all steps you've taken to resolve problem, be persistent
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Better Business Bureau
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To avoid fraud and scams by getting company information on businesses and you are able to file complaints in the event of a problem
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fraud
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deceitful conduct designed to manipulate another for your own personal gain
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arbitration
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help of neutral 3rd party-- if binding arbitration, both parties agree in advance that the arbitrator's decision is final
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mediation
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have help of neutral 3rd party-- two parties can then choose whether or not to accept the remedy
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small claims court
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monetary limit varies from state to state $1000-$5000
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Class Action Lawsuits
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Lawsuit filed on behalf of a group with the same complaint
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FTC
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Responsible for preventing unfair false or deceptive advertising, packaging and selling of consumer products
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CPSC
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regulates and sets standards for the safety of consumer products, such as household appliances, toys tools,clothing and fabrics
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USDA
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regulates the grading and inspection of food
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FDA
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Regulates the manufacturing, labeling, and packaging of foods, drugs, and cosmetics to ensure consumer safety
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OSHA
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Administers safety and health regulations and standards in the workplace
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traditional
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decisions based on traditional customs and beliefs; rare today
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command
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decisions made by central government
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market/capitalism/free enterprise
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decisions made by individuals in their self-interest
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mixed
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combo both command and market
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competition
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encourages efficient use of resources, consumer benefit--low prices and improvemnts
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supply
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quantity of a product that producers are willing and able to make @ certain price.
price up, supply up price down, supply down |
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demand
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quantity of g&s that consumers are willing and able to buy @ certain price
price up, demand down price down, demand up |
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law of scarcity
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limited resources; unlimited wants; society must make choices
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opportunity cost
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the value of the best alternative given up
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standard of living
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measured by kinds and quality of goods and services you can afford
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Consumer Price Index
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Measures change in price of goods and services over time
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gross domestic product
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total dollar value of all goods and services produced in one country during one year
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profit motive
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the desire to make $; earnings after all costs of production have been paid
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recession
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period of economic decline (6-12 months)
producers produce more than public can consume profit decrease, people laid off and buy less |
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depression
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what a recession can turn into, longer lasting and more devastating, prices plummet, businesses fail, unemployment soars
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inflation
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prices increase too quickly for consumers; wages don't increase proportionately
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factors of production
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land, labor, technology, entrepreneurship
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fiscal policy
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government adjusts taxes or spending to assist the econ
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monetary policy
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gov adjusts amount of money in circulation to assist the econ
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credit more available
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increase $ supply
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credit harder to get
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decrease in $ supply
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anti-trust laws
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designed to promote competition and reduce unfair trade practices
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sherman anti-trust
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prohibits monopolies
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clayton antitrust act
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prohibits price fixing and unfair trade
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import
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goods or services brought into a country for sale
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export
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goods or services to a foreign country for sale
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trade deficit
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negative balance of trade which occurs if a country spends more on imports than it receives for exports
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trade surplus
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if a country spends more on exports than imports
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Gatt
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reduce or remove trade barriers and promote international trade
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WTO
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govern trade rights and lowers trade barriers
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NAFTA
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Mex, Us, Can
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Values
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strongly held beliefs and principles about what is worth while
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priorities
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needs, wants values and standards
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Long term goals
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accomplish in more than a year
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short term
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accomplish more tha a year
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human resources
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energy, knowledge skills, talent
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nonhuman resources
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time, finiancial resources, material, techonlogical resources, community resources natural resources
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7 steps decision making process
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1. Identify the decision
2. Identify resources and collect information 3.Identify the options 4.Weigh the options 5.Choose the best option 6.Take action 7.Evaluate the decision |
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Resume
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pp.1-2, a personal data sheet, highlight accomplishments, be honest , include references-- people who can speak well of your character or ability
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Job App
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legible, fill completely, n/a or --
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job interview
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sell self, ask questions, practice, illegal questions no no, review resume, research company
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Unions
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union membership has dropped in the United States
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arbitration
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hearing or settlement of dispute by impartial 3rd party chosen by both sides
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boycott
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unions try to get consumers to NOT buy a particular product
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4o1k
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employees contribute pretax earnings, employers may match contributions must keep $$ in plan until 59.5 yrs old, penalties for early withdrawal, rolled over to anothe rplan
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traditional IRA
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Income taxed when w/drawn NOT when contributed
Can contribute up to age 70.5 Must pay penalty if w/drawn b4 age 59.5 |
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Roth IRA
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Contributions are NOT tax-deductible
aft. 5 years w/drawal if: at least 59.5 use $$ to become first time homeowners |
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Keogh
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for self-employed people
contributions are fully tax-deductible early withdrawal penalties same as trad |
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executor
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person in charge of handling estate
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will
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legal doc. wherein you decide how your esates is to be distributed aft your death, 18, should be typed
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living will
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legal arrangement that can serve as an alt. will, don't have to go trhough probate(legal process involved in filing a will)
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purposes of taxes
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influence behavior, stablize econ, redistribute wealth, fund public g&s
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progressive
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more $ make higher % of income you pay
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regressive
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more $ make lower % of income pay
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excise tax
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gas, firearms, phone service, alcohol
imposed by manufacture or sale |
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sales tax
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main source of revenue for state governemtn
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prop tax
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source of rev for local gov
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personal income tax
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main source of income for federal gov.
April 15 |
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FICA
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Social Security, Medicare
6.2% and 1.455 paid by both employer and employee |
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Unemployment Conpensation
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Employers pay 6.2% of the first $7000 each employee earns, no fault
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W-4
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completed first start of job, require so you emplyer can withhold fed incon tax
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w-2 form
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january 31; emplyer and sent to you by indicates wages tips and other income
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1040 forms
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easy is simplest
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1099 INT
1099 DIV |
form sent by a bank indicate interest you earn
form indicating dividend earnings you obtained |
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filing deadline
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april 15
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witholding
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amount taken out of each paycheck, used to predict tax liability
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exemptions
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people living in you r household whom you support financially
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dependents
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people who live with you and depend on you as a source of income
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itemizing
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keeping track of specific deductions, amount atually spent on tax-deductible expenses during the year
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e-filing
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turbotax, H&R Blck fastest way of getting refund
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tax avoidance
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legal way exemptions and deductions to reduce tax liability
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tax evasion
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illegal way reduce tax liablity
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IRS
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federal agency that collects taxes and enforces tax law
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tax audit
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keep records for 7years, IRS can call to go over taxes
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3 C's of Credit
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Capacity, Character, capital
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Capacity
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earning powwer
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character
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person's rep. of repaying debt ontime
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capital
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owned assets
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establishing credit
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open checking account and savings account
avoid overdrawn checks |
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cosigner
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someone who signs witha borrower and promises to pau if the borrower cant
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collateral
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property that is pledged to guarantee repayment of a loan
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credit report rating
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experian, equifax, transunion higher the better fico score range 300-850
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open credit
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repeatedly used a typical cred card
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closed credit
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one-time extension of credit
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secured credit
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backed by collateral
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unsecured credit
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more diff no collateral
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FICO SCORE
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evaluation of credit history
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ATM lost or stolen
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penalties up to $50
or $500 |
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grace period
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Period of time during which the balance may be paid in full to avoid finance charges
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payday loans
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short term; high interests
cash advances-not a good habit |
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credit counseling
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guidance provided by trained people who help consumer learn to live within their means.
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credit consolidation
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combines all existing debt into a new loan with a more manageable payment schedule
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repossession
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taking away proptery due to failure to make loan or credit payments
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bankruptcy ch.7
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sales of prop
$ from sales goe sto creditors |
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bank ch.13
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keep property,
reg income court supervises your repayment of debt |
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Ch. 7-13
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7-10 years on credit report
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garnishment
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legal witholding of a specified sum from a person's wages in order to collect a debt
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assets
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items of value that you own
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liabilities
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thing you owe; legal responsibilty to pay someone who has suffered an injury or loss caused by another
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net worth
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the difference between your assets and liabilities
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fixed expenses
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regular payments that dont change in amount
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variable expenses
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increase or decrease
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discretionary expenses
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not necessary
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gross income
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before taxes
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net income
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after taxes
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FDIC
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a fed agency that insures savings, checking and other deposit accounts in ost commercial banks saving banks and saving associat
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Credit union
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nonprofit financial institution owned by it s members
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risk tolerance
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conservative
agressive moderate |
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diversification
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spreading risk by selecting a variety of investments
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income
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interested in dependable returns
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growth
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intereted in long term growth stragey
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tax reduciton
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for some finding tax exemp investments
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bull
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rising stock prices sellers
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bear
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trend of falling stock prices buyers
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