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TaxesInterest Business fun money Misc

FICA.

What is Federal Insurance Contributions Act?

Married filing jointly.

What is an example of a filing status?

The form needed to attach to your tax forms that you receive

from your employer stating your annual earnings and taxes paid.

What is a W2 ?

Schedule A.

What is an example of a tax form?

Deductions that must be listed separately.

What are itemized deductions?

An employee’s earnings before deductions

What is gross pay?

Principal*Rate*Time.

What is the formula for interest?

Amount Paid-Amount of Loan.

What is down payment?

Plans for short term and long term financial goals and also allows the

consumer to keep track of spending

What is a budget?

Price paid to borrow money or money earned from a deposit….

What is interest?

Allows an investor to deposit money into a checking or saving account.

What is a deposit slip?

A loan you must pay back either all at once or monthly. It is a card that

shows the validity of your loan

What is a credit card?

Deducts the amount directly from your checking account.

What is a debit card?

The theory of buy now and pay later.

What is credit?

When someone steals your identity including all your financial

information.

What is identity theft?

Take the time to make informed financial decisions, if it is too good to be true it is, don’t give

out personal information.

What is how to avoid consumer fraud?

Person to receive the benefit of a life insurance policy.

What is the beneficiary?

Life insurance purchased for a specific period of time.

What is term life?

Insurance purchased for the insured’s life that has cash value.

What is whole life?

Insurance purchased if you become ill and cannot work.

What is disability insurance?

Insurance purchased to help maintain good health.

What is health insurance?

A unit of ownership in a corporation

What is a stock?

Long term debt sold by corporations to investors.

What is are bonds?

An investment where individual investors buy shares and fund

managers pool the money to buy stocks bonds and other investments.

Who are mutual funds?

Reduces volatility in the market and improves performance.

What is diversification?