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Review Test Car, Home, Pay, Taxes, Estate (whathuhinvesting.com)
Terms in this set (139)
certified used car
A car that the dealer has inspected and repaired to meet manufacturer's minimum specifications for certification.
a written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired.
identifies the car/truck; unique for each car/truck
all the possible features that are available with particular vehicles
Any decrease or loss in value caused by age, wear, or market conditions
Manufacturer's suggested retail price (MSRP), the dealer's initial asking price
Kelley's Blue Book value
different ptices for what a vehicle is worth based on age, condition, style, color, options, etc
a business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
an individual selling a vehicle
A public sale in which property or items of merchandise are sold to the highest bidder.
the ratio of the number of miles traveled to the number of gallons of gasoline burned
test of the roadworthiness of a vehicle one is considering buying
usually carries a huge inventory of vehecials
the manufactorer has found a problem with a vehical
a closed automobile that has enough room for four people to sit comfortably
a sloping rear car door that is lifted to open
a large car with extra space at the back, with a door there for loading and unloading
a vehical with a retrackable roof
SUV (sports utility vechical)
A car designed to have multiple rows of seats and significant towing power. Most also have the ability to drive off-road.
refers to a truck
larger vehical made for transporting groups of people
comes with no additional cost
GPS (global positioning system)
a system that determines accurately the precise position of something on earth
slang, generally refers to a product that fails to meet even low expectations for quality and performance.
an engine with 8 cylinders placed in a way that forms a "V" More power, less gas mileage
smaller engine with less power but usually better gas mileage
the ability to have the engine drive all 4 wheels of a truck
AWD (all wheel drive)
usually in reference to a car's ability to have 4 wheel drive, 4x4
family dwelling that stands alone
A multi-unit structure where a resident owns the unit together with an interest in the common areas
is often least expensive housing otion -offers a set monthly expense- has minimal maintenance responsiblity- provides the ablity to relocate realtively easily when your lease expires-requires a contract- aoffers ammenities- has an opportunity to cost: privacy
ownership of the property
checking out something before buying...looking for specific findings—expected or unexpected
An estimate of the current value of the property.
A proposal by one party to another intended to create a legally binding agreement. Terms must be clear, definite and certain
real estate broker
An agent authorized under state licensing laws to operate independently in the business of buying and selling property
A method for computing equal periodic payments for an installment loan.
The expenses incurred and paid at the time of settlement in the transferring of property.
A portion of the total cost of an item that must be paid at the time of purchase.
charged by the lender to obtain a loan, usually about 1% of the money borrowed
a means for determining property lines
Changes for recording a deed with the appropriate government agency
A document that transfers ownership of property from one party to another.
a loan to finance the purchase of real estate with specified payment periods and interest rates
a diagram of a home or other structure that shows the arrangement of rooms
a home made up of separate boxlike sections that are built in a factory and assembled at the site
A type of residential dwelling with two floors that is connected to one or more dwellings by a common wall(s). Title to the unit and lot vest in the owner who shares a fractional interest with other owners for the common areas.
usually designed by an architect to meet particular needs and wants of the builder
Independent business hired to provide production 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.
a contract granting use or occupation of property during a specified time for a specified payment
a clause in a real estate sales contract that makes the agreement conditional on such factors as the availability of financing, properly inspections, or obtaining expert advice
fixed rate mortage
A loan in which the interest rate and payments remain the same
adjustable rate mortage
interest rate changes in response to the movement of interest rates in the economy as a whole
A type of insurance that covers damage to property, such as a home, must have before getting a loan
home loans to borrowers with bad or no credit, has a higher rate of interest
legal document that proves ownership of the property
An account where money is held in trust until it can be delivered to a designated party
home equity loan
Credit line offered by mortgage lenders that allows a homeowner to borrow money against the equity in their home.
the money you receive from employment
An amount of money paid to an employee at a specific rate per hour worked.
Lowest legal wage that can be paid to most workers.
A wage that is based on a rate per unit or item completed.
A fixed amount of money paid to an employee for each pay period.
An amount paid to an employee based on a percentage of the employee's sales.
gratuity, money paid for services beyond what is required
money added to an employee's base pay
payments and benefits received for work
employee benefits (fringe benefits)
rewards that employees receive for being members of the organization and for their positions in the organization; usually not related to employee performance, usually not in the form of money
the total amount of income from wages before any payroll deductions
are the amounts subtracted from gross income which results in your net income
Excess of total revenues over total expenses. Also called net earnings or net profit.
Money received from sources other than working in a job
A sum paid or charged for the use of money or for borrowing money
A required spending by the government that continues year to year without the necessity of passing a new bill
A 1935 law passed during the Great Depression that set up a system of pensions for older people and set up the nation's first system of unemployment insurance.
A federal program of health insurance for persons 65 years of age and older
A public assistance program designed to provide healthcare to poor Americans.
A mental or physical impairment that substantially limits one or more major life activities.
expense categories that are not absolutely necessary
a tax levied on goods or services rather than on persons or organizations
A tax, such as income tax, that is levied on the income or profits of the person who pays it, rather than on goods or services.
A tax for which the percentage of income paid in taxes increases as income increases
A tax for which the percentage of income paid in taxes decreases as income increases
A tax in which the average tax rate is the same at all income levels.
A tax based on the cost of the item purchased and collected directly from the buyer
personal income tax
a tax levied on the taxable income of individuals, households, and unincorporated firms
Consumer tax on a specific kind of merchandise, such as tobacco, alcohol, firearms, gasoline, and luxury items.
A tax levied on the value of physical assets - either real or personal properties.
A tax on the estate, or total value of the money and property, of a person who has died
Tax on gifts above $11,000 to any one person given in any one year
Internal Revenue Service, resposible for collecting federal taxes
A form that you fill out to provide the information your employer needs to determine the proper amount to withhold from your paycheck
Annual report by an employer to each employee showing the employee's wages subject to FICA and federal income taxes along with amounts withheld
Form sent by the financial institutions stating how much interest you earned and dividends and copy A is sent to the government
Expense that a taxpayer is allowed to deduct from taxable income; examples include money paid as home mortgage interest and charitable donations.
Tax form used by people who make over a certain amount or itemize their deductions
Simple tax return form, often filled out by young people sometimes called the "short form"
expenses you can subtract from adjusted gross income to determine your taxable income
A number that includes the taxpayer and any dependents. Because most teens are listed as dependents on their parents taxes, their tax exemption is 0.
An amount subtracted directly from the tax owed
A reveiw of a tax return by the IRS in which the taxpayer must show proof of all deductions, expenses, and income.
corperate income tax
a tax a corporation pays on it's profits
networking (referring to jobs)
quitting your main job to pursue hobbies or other activities a person was unable to do while working
contractual agreement between an employer and its employees for the employer to provide benefits to employees after they retire.
A form of retirement fund that an employee to contributes directly through a deduction from their paycheck, could be matched my employer
IRA (Individual Retirement Account)
a personal retirement investment plan with tax benefits
tax deferred retirement plan, money is placed in the account before being taxed, money withdrawn will be taxed
retirement plan that taxes contribution but does not tax withdrawals
retirement plan set up with an insurance company, usually has a guaranteed minimum interest rate with market rates dictating the maximum
stocks that will grow in value over the years adding to the total net worth of each share
stocks that pay investors a part of the companies profit
a debt sercurity, a more secure investment than stocks especially when the bond issuer is a Federal or State government...still has risks
a person assigned to carry out the terms of a will
power of attorney
a legal document giving a person the right to act on behalf of another including signing documents and making decisions concerning personal and financial matters
a person placed in charge of beneficiaries who are under age, may also manage the estate for minors
a person or institution assigned to look after a person's estate after their death
a state court of limited jurisdiction that conducts procedings relating to the settlement of a deceased person's estate.
a legal document that gives a named person the authority to manage the assets of an estate
a person that can varify the authenticity of a will
the assets and liabilities a person leaves when he or she dies
legal document stating a person's wishes for his or her estate after death
"of sound mind"
a person is capable of making decisions
the people who will receive assets upon the death of another
is a health care directive that outlines specific medical treatment and care when a person becomes unable to make those decisions themselves
Assets minus liabilities
someone legally empowered to witness signatures and certify a document's validity and to take depositions
A guarantee of accrued benefits to participants at retirement age, regardless of their employment status at that time
domestic partner property
property co-owned by a married couple
without undue influence or duress from others
without a will, state law will determine how property will be divided
leaves a particular object or dollar amount to a particular person
is a share of the property that remains after specific gifts are made
Pay-on-Death Bank Account
a bank account that has a designated beneficiary upon death, that person will generally become the owner of the account after the passing of the depositor.
that two co-owners hold identical interests in the property at the same time
debts that allow the lender to take possession of a specific piece of property if the debt is not repaid
is created when you die, and is used to hold property for someone else's benefit
Income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes.
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