Terms in this set (38)
A defined contribution plan that automatically takes out money from an employee's paycheck before income taxes and invests it in mutual funds for purposes of retirement savings. Often the amount taken out is then matched by the employer.
professionally qualified people who keep accurate accounts and produce final accounts
Something of value that can be sold for cash
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
Better Business Bureau
A non-profit organization sponsored by local businesses to provide general information on companies, is one of these. It maintains records on consumer inquiries and complaints and sometimes offers various consumer education programs.
When you make payments on a mortgage, you are _________. This means that you are slowly paying off the loan, and the value of your house that is over and above the remaining loan balance is considered equity.
Consumer Price Index
an index of the cost of all goods and services to a typical consumer. This is used to calculate inflation.
a measure of your ability and willingness to repay a loan
a portion of the total cost of an item that must be paid at the time of purchase. With mortgages it is usually 10-20%
The portion of the insurance premium paid by the employee
they help clients understand their future financial needs, the risks that they face when investing, their ability to tolerate investment risks and their preferences for capital preservation vs. capital growth; often suggest asset allocations
Obtaining money through borrowing to purchase something rather than renting it.
interest rate doesnt change. term can be 15,20,30 yrs. mortgages with shorter terms have lower interest rates but require a higher income
A crime that involves someone pretending to be another person in order to steal money or obtain benefits
making purchases based on emotion rather than on reason
Tax paid to the state, federal, and local governments based on income earned over the past year.
Income tax return
a form, such as 1040 or 1040EZ, on which a taxpayer reports how much money he or she received from working and other sources and the exact taxes that are owed
A debt or an amount of money you will be required to pay
Monthly mortgage payment
Monthly Mortgage Payment- A monthly scheduled payment which includes interest paid by the borrower to lender on home loan.
______ could be deducted on your Federal income taxes. The government offers this to encourage home ownership.
the difference between the amount that you own and the debts that you owe (Assets minus liabilities)
A fixed sum paid regularly to a person under given conditions to a person following his retirement from public service or a job
An attack that sends an email or displays a Web announcement that falsely claims to be from a legitimate enterprise in an attempt to trick the user into surrendering private information
Taxes on assets, especially real estate, but also can be on boats, automobiles (often paid along with license fees), recreational vehicles, and business inventories.
The land and all those items which are attached to the land. It is the physical, tangible entity, together with all the additions or improvements on, above or below the ground
The process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets. Future cash flows are estimated to determine if the retirement income goal will be achieved.
Private retirement plan that taxes income before it is saved, but which does not tax interest on that income when funds are used upon retirement
A tax on a sale of merchandise or services
A sum of money usually equal to one month's rent, held by the landlord to cover any damage to the apartment caused by a tenant.
Social Security income
Money paid out to retirees who paid into the Social Security system. Still counts as a form of taxable income.
Stages in life
how a person should use their age in
consideration while investing (in stock or otherwise). For example, young people can be more riskier in their investments because they can wait their investments out if a problem arises. On the other hand, older people should make safer choices as they do not have the time factor in their grasp.
The payment of taxes is put off until some future time, such as retirement
A person who pays for the right to live in a residence owned by someone else
the right of ownership to goods
A personal qualified retirement account through which eligible individuals accumulate tax-deferred income up to a certain amount each year, depending on the person's tax bracket.
Charges paid by a customer to a company that provides things like water, sewage, electricity, phone, internet, etc.
A type of home loan in which the interest rate is not fixed.
A legal document where a person lays out how their possessions should be split up after their death.
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