Upgrade to remove ads
Everfi Module 6 - Renting vs Owning, EverFi Module 7 - Insurance & Taxes, EverFi - Module 8 Consumer Protection
Terms in this set (47)
something you own that increases in value over time. If you buy this asset and then sell it later on, it will be worth more money than you originally paid for it.
something you own that decreases in value over time, meaning that if you sell the asset, you'll get less money than you paid for it originally.
upfront payment made when an item is bought on credit. Usually provided at the time of purchase particularly when purchasing larger items, like a house or car.
process by which a bank or other entity takes possession of a mortgaged property when mortgage payments are not being made.
The owner of a property.
a rental agreement. It lays out the terms for the property you'd like to rent: how much you're going to pay and how long (and how often) you're going to pay it. Ex. Car or House
costs associated with ownership of a house, a car, or a similar purchase that are the owner's responsibility. Ex- House: Landscaping, plumbing, roof Car: Engine, Tires
a type of loan used to finance the purchase of real estate. At a basic level, it works just like any other loan: someone wants to purchase something (in this case, a house) but doesn't have enough money to pay for it all at once, so they borrow money from a bank to do so. Then they pay back the money they borrowed in installments, with interest.
amount of money, usually specified in the lease agreement, used to cover any rental property damages caused by a pet.
compulsory charge for registering the vehicle with a government authority, usually a state or county.
A type of insurance that can protect you from damage or loss of your items in a rental property.
deal where your rental payment goes towards owning the property later on.
An amount of money that the property owner holds onto during the lease that can later be used to pay for any damages to the property caused by the renter. Usually equal to one month's rent.
The renter of a property.
Coverage by contract against future possible accidents
Protects you & other drivers on the road. Most states require this form of insurance
Can protect you from paying damages in case of fire, etc.
Helps cover medical expenses like doctor visits, prescriptions, trips to the emergency room, or stays in the hospital
Helps cover lost income when illness/injury prevents you from working
Ensures that your beneficiary will be protected if you die
Amount of protection you're eligible to receive from your insurance plan
The amount you pay to the insurance company for coverage
The request for payment submitted to your insurance company
The amount you must pay out-of-pocket to your claim before insurance kicks in
A fixed fee you pay for specific medical service (e.g. doctor visit)
Deducted from your paycheck and paid to the state and federal governments. (Some states don't collect this tax)
Federal Income Tax
Tax based on how much $ you earn annually (collected by federal government)
State Income Tax
Tax based on how much $ you earn annually (% varies by state)
Tax charged on items you purchase (% varies by state)
Tax based on value of owned property (e.g. land, buildings, houses)
Capital Gains Tax
Tax charged on any profit you make from selling something at higher prices than you bought it for (usually from sales bonds, stocks, or property)
Internal Revenue Service
(IRS) Federal institution that collects taxes
Form you fill out when starting a new job; tells employer how much federal tax to withhold from your paycheck for the federal income tax
Form sent from employers every year; shows how much $ you made and spent in taxes
Tax form used to determine the amount of income tax owed to the IRS in a single year
insurance that pays for damage to your car caused by something other than a collision, such as damage from storms, vandalism, and theft
pays for damage to your car caused by colliding with another car or object; collision coverage carries a deductible and is likely to be one of the most expensive portions of an automobile policy
uninsured motorists coverage
insurance coverage avaialbe in states that protect insured against damages caused by an underinsured motorist who is found liable
the last day you can send in federal income tax forms
When someone steals your personal information and impersonates you
Deceives you into providing personal information
Social Security Number
A 9-digit identification number given to U.S. Citizens, U.S. Residents, and Working Residents
Federal Trade Commission
(FTC) A U.S. government agency that protects consumers against false advertising and other unfair business practices
Consumer Financial Protection Bureau
(CFPB) A U.S. government agency that helps protect consumers by regulating financial products and services, especially mortgages, credit cards, and student loans
Fair Debt Collection Practices Act
Protects against abusive and deceptive practices by those who collect debt. For example, it regulates the hours that collectors may call a consumer and prohibits collectors from publishing a consumer's name or address on a "bad debt" list
Credit Card Accountability Act
Establishes fair credit card practices; It puts restrictions on when credit card companies must provide your credit card bill, accept payments, and notify you of changes to your fees or rates. It also requires credit card companies to put information on interest payments and the number of years it will take to pay off any debt on your monthly statements.
Fair Credit Reporting Act
Mandates that information in your credit report is accurate, complete, and private. This act also gives you the right to view your credit report and dispute incorrect information.
YOU MIGHT ALSO LIKE...
Regulation (REG) | CPA Exam
Everfi Module 7 and 8
Everfi Module 6 - Renting vs Owning
Everfi Module 6 - Renting vs Owning
OTHER SETS BY THIS CREATOR
Business Law - Review For Final