final

Question 1

standard work week

Answer 1

40 hours

Question 2

self employed

Answer 2

they make estimated tax payments quarterly

Question 3

tax day

Answer 3

april 15

Question 4

W4 Form

Answer 4

your employer determines how much tax to withold from your wages based on your allowances

Question 5

W2 Form

Answer 5

reports your income for the pervious year and how much you’ve paid in taxes

Question 6

insolvent

Answer 6

liabilities are greater than assets (bad)

Question 7

solvent

Answer 7

assets are greater than liabilities

Question 8

canceled check

Answer 8

a check that has been processed by the bank

Question 9

checkbook register

Answer 9

you should match this with your bank statement

Question 10

stop-payment order

Answer 10

request that the bank not honor a specific check

Question 11

bounced check

Answer 11

when a check is returned to the payee’s bank due to insufficent funds

Question 12

interest

Answer 12

earnings paid on principal from a financial institution

Question 13

direct deposit

Answer 13

net pay is placed directly into your account electroncally

Question 14

short term needs

Answer 14

beyond your regular needs: vacation, repairs and emergencies

Question 15

long term needs

Answer 15

years of saving: house, college, car and retirement

Question 16

NCUA

Answer 16

this insures credit unions

Question 17

FDIC

Answer 17

this protects savings accounts from losses up to $250,000

Question 18

savings account

Answer 18

the first stage of investing is to open one of these

Question 19

low risk investments

Answer 19

bonds, discount bonds

Question 20

medium risk investments

Answer 20

stocks, real estate, mutal funds

Question 21

common stock

Answer 21

represents a type of stock that pays a variable dividend gives the holder voting rights

Question 22

preferred stocks

Answer 22

represents a type of stock that pays a fixed dividend but has no voting rights

Question 23

emerging stock

Answer 23

young stock

Question 24

blue chip stock

Answer 24

stocks of large well established coroprations with a solid record of profitability

Question 25

mutual fund

Answer 25

pooling of money from many investors to buy a large selections of securities

Question 26

liquidity

Answer 26

the measure of how quickly you can get cash without loss of value

Question 27

finance charge

Answer 27

total dollar amount of all interest and fees you pay for the use of credit

Question 28

pawnbroker

Answer 28

legal business that makes high-interest loans based on the value of personal possessions pledged as collateral

Question 29

loan shark

Answer 29

unlicensed lenders who charge illegally high interest rate

Question 30

creditworthy

Answer 30

person or company considered suitable to receive credit espcially based on their reliability

Question 31

credit report

Answer 31

written history statement of a consumer's history such as credit history issued by a credit bureau to businesses

Question 32

credit score

Answer 32

total assigned points used to determine if you will repay debt as agreed

Question 33

The C's of Credit

Answer 33

Character, Capacity, Capital, Conditions, Collateral

Question 34

collateral

Answer 34

property pledged to assure repayment of a loan

Question 35

ch 7 bankruptcy

Answer 35

liquidation from for individuals straight bankruptcy

Question 36

ch 11 bankruptcy

Answer 36

reorganization for business that still operate

Question 37

ch 13 bankruptcy

Answer 37

reorganization for individuals-wage earners plan, most common

Question 38

voluntary

Answer 38

most common form of bankruptcy ;ask to be declared bankrupt

Question 39

involuntary bankruptcy

Answer 39

creditors file on your behalf, asking the court

Question 40

lease

Answer 40

written agreement that allows a tenant to use property for a set period at a set rent payment

Question 41

month to month rental agreement

Answer 41

allows you to leave anytime

Question 42

landlord

Answer 42

lessor, responsible for the property

Question 43

tenant

Answer 43

lessee, who takes possession of the property

Question 44

Advantages and Disadvantages of renting

Answer 44

Advantages- mobility, social life, lower cost, small responibilities Disadvantages- noise, privacy, lack of storage

Question 45

rental inventory

Answer 45

detailed list of property conditions

Question 46

appraised inventory

Answer 46

real estate appraisers prepare this by examining the structure, size, features as compared to similar homes in the same geographic area

Question 47

assessed value

Answer 47

for purposes of computing property taxes owed against the city or county in which you live

Question 48

what are the steps of safeguarding credit cards?

Answer 48

1) sign and activate cards 2) carry only cards you need 3) watch cards cafefully 4) tear up old receipts