8th Grade Math: Unit 11 Flashcards

Front

A set amount of money, or percentage of pay, that is set aside from an employee’s pay check by their employer, before the employee’s wages are taxed. The employer may or may not contribute as well to the employee’s ________ fund depending on employer’s policy. The money is taxed when it is withdrawn at retirement age. In addition, if withdrawn prior to retirement age, an additional penalty tax is assessed.

Back

401(k)

Front

A set amount of money, or percentage of pay, that is set aside from an employee’s pay check by their employer, before the employee’s wages are taxed. The money is taxed when it is withdrawn at retirement age. In addition, if withdrawn prior to retirement age, an additional penalty tax is assessed. This is called a ________. Options: 403(b), Roth IRA, Health Savings Account (HSA), Flexible Spending Account (FSA)

Back

403(b)

Front

An educational savings account managed by the state, and is usually tax-deferred is called a ________ account.

Back

529

Front

Fill in the blank: The annual percentage rate applied to the balance on a loan compounded monthly is called ________.

Back

annual percentage rate (APR)

Front

Fill in the blank: Deductible and non-deductible contributions may be made, taxes may be waived if used for higher education. This is called an ________.

Back

annuity

Front

A high-interest, short term loan of cash for which an automobile title is required as collateral is called a ________.

Back

car title loan

Front

A written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization is called a ________.

Back

check

Front

Fill in the blank: Something which is pledged to secure repayment of a loan; in the event of default on the loan, the ________ is forfeited.

Back

collateral

Front

Interest that is calculated on the latest balance, including all compounded interest that has been added to the original loan principal is called ________.

Back

compound interest for a loan

Front

Interest that is calculated on the latest compounded interest that has been added to the original loan principal is called ________.

Back

compounded interest for an investment