Exam (elaborations)
Personal Finance Test Studyguide 2024
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Personal Finance Test Studyguide 2024...
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Personal Finance Test Studyguide 2024 Income - ANSWER money received, especially on a regular basis, for work or through investments. Taxes - ANSWER Fees for the support of government required to be paid by people and businesses. Income Tax - ANSWER A tax on people's earnings Social Security - ANSWER federal program of disability and retirement benefits that covers most working people Medicare - ANSWER A federal program of health insurance for persons 65 years of age and older Sales Tax - ANSWER A tax on a sale of merchandise or services Property Tax - ANSWER A tax on the value of a property Gross Annual Income - ANSWER Total pay or earnings made over a one-year period before any deductions have been taken. Gross Monthly Income - ANSWER Total amount of earnings made over a month before any deductions Net Annual Income - ANSWER Income amount remaining after a year's worth of deductions have been taken. Net Monthly Income - ANSWER Amount of monthly income remaining after all deductions have been taken Bond - ANSWER A financial security that represents a promise to repay a fixed amount of funds, plus interest Interest - ANSWER A sum paid or charged for the use of money or for borrowing money Invest - ANSWER to put money into something to try to earn more money Mutual Fund - ANSWER fund that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets Opportunity Cost - ANSWER the most desirable alternative given up as the result of a decision Principle - ANSWER The amount of money originally invested Risk - ANSWER The possibility of financial loss or physical harm Savings Account - ANSWER An interest-bearing account where people put money for future use Stock - ANSWER A share of ownership in a corporation. Money Market Account - ANSWER a type of savings account that offers a more competitive interest rate than a regular savings account Certificate of Deposit (CD) - ANSWER An interest-earning deposit that requires the funds to remain deposited for a fixed term. Withdrawal of the funds before the term expires results in a financial penalty. Deductible - ANSWER Amount you must pay before you begin receiving any benefits from your insurance compa ny Insurance Policy - ANSWER A contract that outlines coverage plans and protects a person against financial loss or damage. Premium - ANSWER an amount to be paid for an insurance policy. Bank - ANSWER an institution for receiving, keeping, and lendingThe benefits of buying summaries with Stuvia:
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