• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

Card Range To Study



Play button


Play button




Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

65 Cards in this Set

  • Front
  • Back
Incentive Plan
paid for better performance on the job
cafeteria plan
Employees choose the benefit options that are best for them
overall rise in prices
Things that can impact income?
*taking a break
Education vs. income
The more educated you are, the more money you will make over your lifetime
What should you look at when deciding between jobs?
Salary and benefits
Inflation vs. purchasing power
impacts availability of goods and services, cost, and value of money
Responsibility of Taxpayer
file a w-4
pay what you owe
file on time
report income correctly
What is a W-2?
reports income
sent to emplyees in January
used to file taxes
What is a w-4?
filed by employee when starting a job
can be changed as needed
reports exemptions used to calculate how much tax is owed
what is a 1099?
reports other income not covered by other forms
what is a 1040?
form used to file taxes if taxpayer has any deductions
what is a 1040-EZ
form used if the taxpayer has no deductions to claim
plan for how to use money for wants and needs
Net worth
Assets-liabilities=net worth
shows you what you have versus what you owe
balancing a checkbook
Checking you bank statement against your checkbook to make sure all money spent is acounted for
Short-term Goal
less than a year
intermediate goal
1-5 years
long-term Goal
more than 5-years
money you pay when you use insurance services
money you pay for insurance protection even if you have not used it
Steps to financial planning
1. current financial situation\
2. financial goals
3. identify your options
4. alternatives
5. financial plan of action
6. review and revise plan
Steps to balancing check book
1. compare
2. are there some deposits missing?
3. Subtract fees
4. add interest
Factors that impact car premium
type of car
driving record
where you live
protects building, liability, personal property, and expenses if something happens
protects if something happens to someone else due to your actions
medical expenses
pays for your end of life expenses
term life, whole life, and group life
similar to homeonners but does not protect the building
pays out if you are unable to work due to a disability
Comparison shopping
Looking for the best deal at the best quality, quantity and price
the ability to borrow money in return for a promis of future repayments
lost property
credit reporting for 10 years
annual percentage rate
the cost of credit on a yearly basis, percentage
credit score
how responsible you have been
equal payments over a period of time to pay off a loan
payments grow
ling of credit
max amount you can spend on credit
value fo home minus mortgage
Better buisness bureau
complaints against local mechants
Consumer Protection Agency
makes sure products are safe for consumers
Food and Drug administration
makes sure foods and medicines are safe
Federal Trade Commission
Inverstigates businesses who may be using illegal business practices
Three credit reporting agencies
Risk of check cashing
high interest
hard to pay back
Risk of title loan
potential loss of property
high interest
pawn shop
loss of property
Secured loan
installment loan
Unsecured loan
granted on credit rating alone
higher interest
Certificate of deposit
higher yield than savings
set interest rate
indivitidual reitrement plan
individual taxpayers
tax advantages
purchased as a supplement to other income in retirement
ownership in a company
like a loan to a company or gov.
paid back with interest
mutual fund
group of investments owned by many investors
buy partial ownership of this group
combination of high and low risk investments
compound interest
interest on interest plus principle
money grows faster
Federal deposit insurance corporation
commercial banking
insure depositis up to $100,000
securities and exchange commissions
internal revenue service
oversees taxes
the FED
fed. reserve
oversees the money supply
Roth IRA vs. Traditional
Roth: no taxes upon usage
Traditional: tax-deferred
401k vs 403b
401k: private business
403B: non-profits
rule of 72
shows how to double money saved or invested
72 divided by interest rate= length of time
72 divided by length of time= interest rate
Risk vs. return
higher risk= higher return