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Personal Finance Final Sem. 1

Terms in this set (30)

A goal set for 5+ years is a...
Long term goal.
Full-time work is working _______ hours a week.
30+
Which example is considered seasonal work?
Mowing the lawn.
When are you not eligible for overtime pay...
Exempt.
Non-exempt employees get paid overtime for working over______ hours a week.
40
What is the overtime pay rate?
1.5x
What is the Missouri minimum wage?
$10.50
The amount of pay you get to take home is...
Net pay.
The annual tax you pay on the things you own.
Property.
The tax you pay on the wages you're paid by your employer.
Income.
What is it called when you sign the back of a check?
Endorse.
An example of what is not true about credit cards.
Transactions are the same as cash.
When you spend more money than what is in your account.
Overdraft.
How much money is guarenteed if your account is FDIC insured?
$250,000.
What is it called when an account cannot fall below a certain amount.
Minimum balance requirement.
What should you typically tip to a person in the service industry if they do a good job?
20%
Which of the following investments is not considered safe?
401k.
Age what age can you receive full social security retirement benefits?
67.
What is the least dependable retirement option?
Social security.
What is an example of bad debt?
Payday loans.
What is the lowest FICO score?
300.
What will not negatively effect your credit score?
Having accounts open for a long period of time.
What is your credit score not used for?
Doing taxes.
What is not a way to raise your credit score?
Closing credit accounts.
What kind of auto insurance does Missouri require every driver to have?
Liability.
The set amount an insured person must pay before insurance makes payments for a claim.
Deductible.
This type of insurance will pay for damage to your vehicle due to natural causes or theft.
Comprehensive.
What deductible is applied to every claim instead of yearly?
Auto insurance.
This is the percentage an insured person must pay after they have met their health deductible.
Coinsurance.
This health insurance plan involves coinsurance and copays.
PPO.
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