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30 Cards in this Set

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  • Back
determined by Insurance Company, value asset before accident occurred
Actual Value
When in car accident which insurance
Collision Insurance
What not to do when getting a car.
Never use 3rd party financing for a car
the cheapest life insurance you can buy
Term
Allows paying you back an amount that is more than what you paid
Guaranteed replacement
Health Saving Account
attempt to have a high health insurance deductible
Ways to reduce adjusted gross income.
IRA deduction, Educator expense, Student Interest Loan deduction, tuition and fee deduction, health saving account deposit, moving expenses, self-employment tax and health insurance deduction, alimony paid
Hardest tax form to do.
1040
Easiest tax form to do.
1040EZ
What is the middle difficulty tax form called.
1040A
What are the taxes withheld in paychecks?
Federal Income Tax, State Income Tax,Local income tax, Social Security tax, Medicare tax
Insurance required for all residents of
Indiana.
liability insurance
Where should you buy for insurance from?
Independent Agent, Captive Agent, From the Company
Health issues you had before getting health insurance.
pre-existing condition
HMOs(Health Maintenance Organization)
least expensive, most restricted, given list to choose health provider; must get referral for a specialist
POS(point-of-sale)
Expand from HMOs; not as restricted
PPOs(preferred provider Organization)
stay within approved network; can see specialist without referral; some do not cover prevention care
Which is better: Tax credit or tax deductible?
Tax Credit
Renters Insurance
Insurance on your possessions in the rental
How long to have a car lease?
2-4 years
Term Life
life insurance policy that offers a death benefit for a define period (the term).
Whole Life
More expensive them term life; Your split your premium between cash value, commission and sale expense
Universal Life
More expensive then term life; death benefit; saving component
Best way to buy a car
used car; most cost efficient; car depreciates the minute it leave the car lot
itemized deduction
calculating individual allowable deductions that exceed the amount available under the standard deduction.
Standard deduction
an amount allotted by the IRS by taxpayers who do not itemized deductions.
How long does it take to get an Associate Degree/
2 years
CPA(certified public accountants)
highest level of profession for someone to do your tax forms
Usual and Customary Charges
list of fees that the insurance company says it will pay for healthcare services.
GAP Insurance
Buy car with little or no money down, there will be a period when your will owe more than its worth; Gap will pay the difference between the cars worth and what you still owe