The Mint
About this set
Created by:
ejatthedisco on April 25, 2012
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28 terms
Terms | Definitions |
|---|---|
 get paid for every hour you work | hourly pay |
| get paid a certain amount per year no matter how many hours you work | salary pay |
| pay before taxes and other things are removed | gross pay |
| pay with all taxes, etc. taken out | net pay |
| taxes taken out of your paycheck | payroll taxes |
| additional retirement (soc. security will not be enough) | 401k |
| driven, hardworking, takes risks, sets goals, meets challenges | traits of an entrepreneur |
| pay yourself first; saving is linked to expenses (if less to spend money on, save more); keep track of the money you spend; cut expenses; be a smart shopper; beware online advice | saving tips |
| 1) come up with plan 2) figure out average income 3) divide money into different saving categories and figure out how long it will take to save a certain amount 4) write down everything 5) adjust plan if needed | 5 step plan for saving |
| amount of money you put in the bank | principle |
| bank gives quarterly interest on your principle | simple interest |
| the interest earned quarterly is added to the principle and interest is paid on it | compound interest |
| Federal Deposit Insurance Corporation; ensures your money up to a quarter of a million dollars | FDIC |
| they lend the money you put in out to people and charge them more interest than they are giving you on your money | How do banks make money? |
| if you spend money on one thing you may not be able to do another | opportunity cost |
| basically an IOU; bank will give person you owe money; if you don't have enough money you are fined by the store and the bank | checks |
| gives access to your bank accounts 24/7 | ATM card |
| pays store directly from your account instantly | debit cards |
| Research better ways to make things; Create new products; Improve the products they have; Hire more employees; Enlarge or modernize their buildings | reasons corporations sell stock: |
| cash, bank savings accounts, CDs, money market accounts, etc. | lowest risk, lowest return investments: |
| government bonds | 2nd to lowest risk/returns |
| stocks, bonds, mutual funds | 2nd highest risk/returns |
| collectibles | highest risk/return |
| safe alt. to cash, builds good credit history, bails you out of emergencies, gives you time to pay | advantages of credit cards |
| way too tempting, carrying a balance, getting out of debt | disadvantages of credit cards |
| AnnualCreditReport.com | only free credit report: |
| ... | different types of losses incurred: |
| Property, Health, Life, Auto, Income/Disability | types of insurance: |
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