finance final

marsha watkins i transfer 97 pounds to ONLY your face

This type of account is connected to your debit card

checking account

This stock market index represents 500 of the largest companies listed on stock exchanges in the United States

s&p 500

The amount borrowed by someone for a loan

principal

A record of how you've managed loans and payments over time

credit history/ report

Money you borrow for college and need to repay

student loan

A monthly fee that some banks charge to keep your account open

monthly maintenance/ service fee

This investment vehicle automatically adjusts your investments based on a planned retirement year

target date fund

An initial payment made when buying something expensive, such as a car or house

down payment

This payment method can help you build credit and requires a cash deposit

secured credit card

Sticker price - gift aid =

net price

This federal insurance program protects the money you deposit in member banks up to $250,000 per depositor, per bank

Federal Deposit Insurance Corporation (FDIC)

This strategy involves spreading investments across different assets to reduce risk

diversification

The lowest amount you can pay on your monthly credit card bill to remain in good standing

minimum payment

This strategy for debt repayment starts with the highest interest-rate debts

debt avalance

The form submitted by students to determine their eligibility for financial aid

FAFSA (Free Application for Federal Student Aid)

Who is one person that might ask to see your credit report?

A lender landlord or employer

What is one way to reduce the amount of overall interest you pay on a loan?

make extra payments

Used to apply for jobs, this document outlines your skills and experience

Resume

This type of car insurance covers you if you cause injuries or property damage for someone else

liability insurance

This date is the typical deadline for Americans to file their taxes

april 15

The 50/30/20 rule divides your budget to spend..

50% on needs, 30% on wants, and 20% on savings

A social media site for professional networking

linkedin

If you want a lower deductible and higher coverage limit, you will pay a higher monthly …

premium

Employees receive this form each January that summarizes their earnings and taxes for the previous year

w-2

Your total earnings BEFORE taxes or deductions are taken out

gross income/pay

Design choices made to manipulate you, like adding a countdown timer or hiding the unsubscribe button

dark patterns

Some jobs offer this valuable retirement plan as a benefit

401k plan

Insurance companies use this strategy to afford large payouts by collecting premiums from a large group

risk pooling

Fill this form out when you start a new job to determine how much your employer withholds in taxes

401k

If your expenses are higher than your income, you have a budget ________

deficit

A fake email pretending to be your bank to steal login details is an example of this kind of scam

phishing

What is one step you can take to protect yourself from identity theft?

shred, watch your bills

What is one common deduction that shows up on a paycheck?

income tax, social security tax, wage garnishments, child support payments

The process that makes your money grow faster over time by reinvesting your earnings (interest or capital gains) 

compounding

One factor used to calculate credit score

payment history

This alternative to a debit card doesn’t require a bank account, but often comes with higher fees and lacks consumer protections

prepaid debit

Taxpayers must complete this form every year to file their taxes

1040 form

When paying for college, prioritize these TWO forms of gift aid that don’t need to be repaid

scholarships and grants