your employer know how much to withhold from your paycheck

By claiming "exempt" on the W-4 form...

You will NOT have income taxes withheld from your paycheck.

What is the 50/30/20 rule?

A budgeting guideline that suggests allocating 50% of income to needs, 30% to wants, and 20% to savings or debt repayment.

How can someone make money from investing in a stock?

They receive dividends from the company they bought the stock in and/or they sell the stock at a higher price than what they bought it for.

How can someone make money from investing in a stock?

They receive dividends from the company they bought the stock in and/or they sell the stock at a higher price than what they bought it for.

What is the difference between stocks and bonds?

Stocks represent ownership, bonds represent debt.

Explain the concept of diversification in investing.

Diversification in investing is the practice of spreading investments across different assets to reduce risk.

How does compound interest affect long-term investments?

Compound interest helps long-term investments grow faster due to the exponential growth of both the principal amount and the interest earned.

Discuss the risks associated with investing in the stock market.

One must carefully assess their risk tolerance, diversify their investments, conduct thorough research, and consider seeking professional advice before investing in the stock market.

What does the term "bull market" refer to?

A market showing sustained increase in stock prices.

What does it mean to buy a share of stock in a company?

Owning a portion of the company.

What is a stock market?

A venue where stocks and bonds are traded.

What is the primary purpose of a dividend in stock investments?

To distribute a portion of the company's earnings to shareholders.

_____ an individual retirement account that allows you to save money for retirement in a tax-advantaged way.

Individual Retirement Account (IRA)

The goal of investing is to

Provide for future financial security by building net worth

How does investing in the stock market differ from putting money in a savings account at a bank?

Investing allows you to accumulate wealth for retirement while saving is best for short-term purchases or emergencies.

What is one question an investor should ask when deciding whether or not they would like to open a Roth IRA or a Traditional IRA?

Do I want to pay taxes now or later?

What is the difference between a Traditional and Roth IRA?

A traditional IRA's contributions are not taxed until you withdraw them at retirement. A Roth IRA's contributions are taxed when you invest.

What you initially invest in isn't profit. Everything you make on top of it is.

Profit is everything made on top of the initial investment.

Why shouldn't Justin invest his $700 in stock for his vacation?

Investing in one company's stock is quite risky; Investing your whole savings in the stock market is a bad financial move; One year probably isn't enough time for one stock to turn $700 into a month's vacation.

The maximum amount of credit that a person can borrow

A numerical rating calculated on someone’s ability to pay back the money they borrowed

The price one pays to borrow money.

The smallest amount you can pay back each month on a loan or credit card

Insurance and Final Review Flashcards

Student preview

75 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What type of car insurance coverage is required in most states? Use lower case letters to type answer.

Back

liability

2.

FLASHCARD QUESTION

Front

What is the range for Credit Scores?

Back

300-850

3.

FLASHCARD QUESTION

Front

What are the 2 mandatory taxes that come out of your pay-stub?

Back

Social Security and Medicare

4.

FLASHCARD QUESTION

Front

When is tax day?

Back

April 15

5.

FLASHCARD QUESTION

Front

Amount of money paid before insurance will pay something

Back

Deductible

6.

FLASHCARD QUESTION

Front

A flat fee you pay every time you receive a medical service

Back

Copay

7.

FLASHCARD QUESTION

Front

The form you get from your employer that allows you to see your income and taxes withheld

Back

W2

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