st 2 Flashcards by Roses Pinterest

Q

What does it mean to have a lien on something?

A

to have a loan on it

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Q

What is an amortization table?

A

tells how much goes to tax & how much to interest

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Q

what does the escrow account cover

A

taxes & insurance

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Q

why would you need collateral

A

to get a loan

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Q

name one variable expense

A

water bill, food, eletric bill

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Q

what is the most common type of retirement plan

A

401k

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Q

Explain “Robbing petter to pay paul”?

A

Borrowing money from someone to pay sombody else

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Q

what is the rule 72

A

tells how long it takes to double your money

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Q

define NSF

A

Non-Sufficient funds

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Q

w2?

A

form you get when you start a job

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Q

one advantge of using a credit card

A

emergency

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Q

A

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Q

fixed expense

A

car payment

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Q

what is the difference between a bank & credit union

A

bank is for profit, credit union is nonprofit

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Q

Reconciliation

A

balence your check book

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Q

3 credit bureau’s

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A

Equifax, Transunion, & Experion

Q

IRA

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A

Individual Retirement Account

Q

Grace period

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A

A set length time after the due date

Q

Gross income

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A

before taxes

Q

Net income

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A

after taxes

Q

Earnest money

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A

desposit showing the buyer your serious intent to purchase

Q

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A

Q

Escrow account

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A

to help you cover your taxes & insurance

Q

Appraisal

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A

to determine the property’s value

compound interest

Interest on the previous interest earned

Garnishment

they take money away from you

Equity

is what you own on your house

what does it mean a lien"

a debt or loan on something

How much do you need for down payment

20%