Final quizlet
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Created by:
amesnier1202 on May 17, 2012
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25 terms
Terms | Definitions |
|---|---|
 Pension plan | a plan for setting aside money to be spent after retirement |
| Exemption | a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.) |
| opportunity costs | the most desirable alternative given up as the result of a decision, What a person loses by choosing one opportunity instead of another. |
| Employment outlook | the prospect for the future of a job or career |
| Scarcity | not having enough resources to produce all of the things we would like to have |
| COBRA | Consolidated Omnibus Budget Reconciliation Act; law to provide terminated employees or those who lose insurance coverage because of reduced work to be able to buy group insurance for themselves and their families for a limited amount of time. |
| Flexible Spending Account | Account that allows employees to contribute pretax dollars to buy additional benefits. |
| Smart Card | a plastic card containing a microprocessor that enables the holder to perform operations requiring data that is stored in the microprocessor |
| Finance Charge | is the total dollar amount you pay to use credit. |
| Origination Fee | a fee charged to a borrower (especially for a mortgage loan) to cover the costs of initiating the loan |
| Protection act | Mandates that all states must designate an agency responsible for protecting the rights of mentally ill patients. |
| Schumer box | The federal truth in lending act requires institutions to list the costs of credit cards in this in order for customers to avoid unexpected finance charges. It is helpful for consumers in comparing credit card offers and it tells all the little details. |
| Bull Market | a market characterized by rising prices for securities |
| Bear Market | a market characterized by falling prices for securities |
| Future value | What an amount invested today at a particular interest rate will be worth in the future. |
| Present Value | The amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money |
| Dividends | Earnings distributed to stockholders |
| Capital gains | profits from the sale of an asset held for 12 months |
| W-2 | A statement of an individual's annual wages and taxes provided by an employer that must be included with the employee's federal, state, and city income tax returns. |
| W-4 | A federal tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes. |
| Paycheck stub | a form attached to a paycheck that lists important information |
| Direct deposit | An automatic deposit of a paycheck without having to take a physical check to the bank. |
| Copayment | Provision in an insurance policy requiring the policy holder or patient to pay a specified dollar amount to a health care provider for each visit or medical service they receive. |
| Stock split | an increase in the number of outstanding shares of a corporation without changing the shareholders' equity |
| diversification | the act of introducing variety (especially in investments or in the variety of goods and services offered) |
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