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51 Cards in this Set
- Front
- Back
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One of the richest men in America
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Warren Buffet
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Who is worth 40 billion dollars
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Warren Buffet
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Where is Warren Buffet's company located?
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Omaha, Nebraska
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How long has Warren Buffet lived in the same, non-gated community?
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over 50 years
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T/F. Warren Buffet would rather eat at a burger than at a fancy restaurant.
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True
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What is the name of warren buffet's publicly traded company?
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Berkshire Hathaway
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FICO
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Fair Isaac Company
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DIJA
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Dow Jones Industrial Average; reference point for determining the overall health and state of the US economy
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When was DIJA created?
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1896 with 12 stocks; today=30 blue chip stocks
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How is Dow Average calculated?
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by adding up the total stock prices of each company listed on the DOW and dividing by the number of companies
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What is the symbol for Bank of America?
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BAC
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What is the symbol for boeing?
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BA
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3M symbol
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MMM
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Microsoft
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MSFT
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Apple
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AAPL
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Walmart symbol
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WMT
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Define S&P
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500=stocks
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Define NASDAQ composite.
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100 Large capitalization projects
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The Dow's movement
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points v. dollars
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a pool of money from thousands of investors to purchase stocks, bonds and other securities
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mutual funds
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the total value of securities the fund owns divided by the number of shares outstanding
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NAV, net asset value
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value funds
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cheapest
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growing funds
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mildly above average revenue and earning growth
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u.s. government bond funds-issued by the U.S. treasury or federal government agencies
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US Gov Bond Funds
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tax exempt bond funds issued by cities, states and other local gov agencies. As a result dividends are exempt from fed income taxes
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municipal bond funds
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highly liquid! Easy to pull out your money. Good place to park cash for a brief period of time
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money market funds
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When was the SSA established?
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August 14, 1935
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Who is covered under the SSA?
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1) old age workers
2) victims of industrial accidents 3) unemployed 4) dependent mothers and children 5) the blind 6) physically handicapped |
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FICA
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federal insurance contributions act
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What is FICA
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employer and employee fund account: 7.5% each, until you reach $102K limit by congress
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Who was the first president to introduce a national health care plan?
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Harry S. Truman
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What percentage of those 65 or older have health insurance in america?
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56%
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What is the state governed healthcare program? Who is this for?
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medicaid; low income
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What is the federally governed healthcare program? Who is this for?
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Medicare; elderly
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Who is covered under medicaid?
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1) low income
2) pregnant women 3) children under 19 4) people 65 or over 5) the blind 6) the disabled 7) nursing home patients |
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Who is covered under medicare?
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1) 65 or over
2) anyone who has had kidney failure/longterm illness 3) permanently disabled/unable to work |
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What is the ideal outcome with stock market investments?
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buy low, sell high
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What should you do when looking to invest in stock market?
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1) do homework; research company
2) set aside "negligible" money to invest 3) examine your values against company values 4) buy low, sell high |
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BK
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bankruptchy
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What is the worst thing that can happen to your credit report?
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bankruptcy
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How long does it take to get a clean start after bankruptcy?
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7-10 years
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What are the three major types of BK?
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7-personal
11-some payments required 13-corporate BK |
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What is the corporate BK?
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13
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How should life insurance be viewed?
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as income replacement
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What are the three types of life insurance?
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1) whole-permanent; can be paid for; saving included "cash value"
2) Universal-term insurance along with cash value 3) Term-least expensive; very little premium; no cash value add-ons |
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How do you calculate "need"?
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1) Total debt
2) age of youngest child x years left till 18, multiplied by annual salary |
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"this for that"
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opportunity cost
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the sacrifice you have to make in a financial decision
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opportunity cost
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What is personal opportunity cost?
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time used for one activity cannot be use for another activity
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What is financial opp. cost?
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spending vs. saving is an opp. cost
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What is meant by time value of money?
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increases in an amount of money as a result of interest earned
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