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Personal Finance (HHS) Final Exam Review
Terms in this set (38)
all of the financial decisions/needs that can affect an individual
what you own
what you owe (to somebody else)
buildings & land
money that a lender makes available to a borrower with the understanding that the borrower will repay the money
something acquired with the goal of making money on it. Examples: real estate, stocks, bonds, mutual funds...
a financial product purchased to provide protection for the insured in the event of certain types of losses (of property or income due to health issues, for example)
money coming in or earned through a job, allowance, bank interest, scholarships...
money going out/spent
the initial amount of money you owe on a loan (like a home mortgage, for example)
a plan for how to manage money; includes how much to save, spend, invest (planned & unexpected financial needs)
the possibility of financial loss
an expense that changes from one time period to the next
an expense that remains the same from time period to time period (usually from month to month)
anything that you spend money on
the total amount of money a worker earns in a pay period (before deductions are taken out)
wages that remain after taxes are taken out of your check (take-home pay)
taxable income when you sell an asset for more than you paid for it
taxes withheld from paychecks and sent to the government (examples: federal income taxes, state income taxes, Social Security)
Internal Revenue Service (IRS)
the government agency that enforces federal tax laws and collects the taxes
1040EZ or 1040
forms used to file a tax return
how you identify your tax status when filing a tax return. Examples: single, head of household, married filing joint return
a form provided by your employer(s) at the end of the year summarizing your income and tax withholding information
money you receive from the government if you have overpaid your taxes
money paid upfront by the individual (with an insurance policy) before the insurance company starts paying for a given expense
what you pay to an insurance company to receive insurance coverage (for a car, health, etc.)
provides payment to a specific person or persons when the policyholder dies
a summary of a person's existing and past lines of credit; your credit history
the ________ your credit score is, the ________ the interest rate on loans you take out
a value/score that indicates an individual's creditworthiness = whether they're likely to pay back the money
the ______ your credit score, the ______ your creditworthiness
when someone uses your personal information for personal/financial gain without your permission
Homeowners are required by their lender to buy enough homeowner's insurance to cover the (value? mortgage) on the home
How often are you supposed to pay your credit card bill?
money charged by a bank when you take out more money than you have in your account
True or False: a bank can charge you a fee when you use an ATM machine that is not in your bank's network.
An example of a good investment is to buy a stock at a _____ price and sell it later at a _____ price.
Housing prices can go down if there are (more sellers than buyers / more buyers than sellers).
more sellers than buyers
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