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everfi Renting vs. Owning Modules
Terms in this set (25)
1. 401 (k)
Image result for 401 (k)www.investopedia.com
A 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes aren't paid until the money is withdrawn from the account.
a useful or valuable thing, person, or quality.
4. Balance Sheet
A balance sheet is a financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by shareholders.
5. Bank Mortgage
A mortgage is a loan in which property or real estate is used as collateral. The borrower enters into an agreement with the lender (usually a bank) wherein the borrower receives cash upfront then makes payments over a set time span until he pays back the lender in full.
6. Better Business Bureau
Better Business Bureau helps United States, Canada, and Mexico consumers find businesses and charities they can trust. Find trusted BBB ratings, customer reviews, contact your local BBB, file a complaint, report a scam, read consumer news tips, BBB Auto Line, BBB Military Line.
8. Consumer Price Index
A consumer price index (CPI) measures changes in the price level of market basket of consumer goods and services purchased by households. The CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically.
16. Fixed Mortgage
A fixed-rate mortgage (FRM), often referred to as a "vanilla wafer" mortgage loan, is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float".
person, organization, or thing that guarantees something.
18. Identity Theft
the fraudulent acquisition and use of a person's private identifying information, usually for financial gain.
19. Impulse Buying
the buying of goods without planning to do so in advance, as a result of a sudden whim or impulse.
A landlord is the owner of a house, apartment, condominium, land or real estate which is rented or leased to an individual or business, who is called a tenant (also a lessee or renter).
20. Income Tax
tax levied by a government directly on income, especially an annual tax on personal income.
the state of being responsible for something, especially by law.
24. Monthly Mortgage Payment
Monthly payment including principal, interest, homeowners insurance and property taxes. The annual amount you expect to pay in property taxes. This amount is divided by 12 to determine the monthly property tax included in PITI. ... Total of all monthly payments over the full term of the mortgage.
25. Mortgage Interest
Mortgage interest is the percentage charged on a mortgage that must be paid in addition to the principal. The mortgage interest rate is related to prevailing interest rate levels and may be fixed or adjustable. Fixed rate mortgages have identical amortized payments for the life of the loan.
26. Net Worth
Net worth is a concept applicable to individuals and businesses as a key measure of how much an entity is worth.
compensation post retirement
Phishing is the attempt to obtain sensitive information such as usernames, passwords, and credit card details (and money), often for malicious reasons, by disguising as a trustworthy entity in an electronic communication.
30. Property Taxes (Real estate taxes)
IRS uses the term "real estate tax", but most people call it "property tax". Property (real estate) tax is charged on immovable property—land and structures that are permanently attached to the ground such as a house, building, or land
34. Roth IRA
an individual retirement account allowing a person to set aside after-tax income up to a specified amount each year. Both earnings on the account and withdrawals after age 59½ are tax-free.
37. Social Security Income
The Supplemental Security Income (SSI) program pays benefits to disabled adults and children who have limited income and resources. SSI benefits also are payable to people 65 and older without disabilities who meet the financial limits.
a right or claim to the ownership of property or to a rank or throne.
42. Traditional IRA
way to save for retirement that gives you tax advantages. Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances, and. Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed.
43. Utility Expenses
cost consumed in a reporting period related to the following types of expenditures: Electricity. Heat (gas) Sewer. Water
44. Variable Mortgages
A type of home loan in which the interest rate is not fixed. The two most common types of mortgages in the United States are fixed rate and variable rate (also called adjustable rate). With a fixed rate mortgage, the interest rate does not change for the entire loan term.
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