FL Final Terms 2026

for study :)

Determinants of Income

Income depends on education, skills, experience, and job demand.

Resume Definition

A document listing your skills, education, and work experience for employers.

Fixed Expenses

Monthly costs that stay the same (rent, car payment).

Variable Expenses

Monthly costs that change (food, gas, entertainment).

Types of Taxes

Income, sales, property, payroll, and excise taxes.

Tax Brackets

Different parts of your income are taxed at different rates.

Mill Rate Property Tax

Property tax based on dollars per $1,000 of assessed value.

Tax Credits

Reduce the amount of tax you owe.

Tax Deductions

Reduce your taxable income.

Gross Pay

Total earnings before taxes and deductions.

Net Pay

Take‑home pay after taxes and deductions.

3 Cs of Creditworthiness

Character (trust), Capacity (ability to repay), Collateral (assets).

Credit Score Factors

Payment history, credit use, credit length, new credit, credit mix.

Excellent Credit Score Range

Typically 750–850.

Mortgage Loan

Long‑term loan used to buy a home.

Comparison Shopping

Comparing prices and features to find the best deal.

Auto Insurance

Covers damage to your car or others’ property.

Home Insurance

Covers damage or loss to your home.

Life Insurance

Pays money to beneficiaries when the insured person dies.

Health Insurance

Helps pay medical and hospital costs.

Co‑Pay

Small fee paid at each doctor visit.

Insurance Premium

Monthly cost of insurance coverage.

Insurance Deductible

Amount you pay before insurance starts covering costs.

401k Retirement Account

Employer retirement plan with tax benefits.

IRA Retirement Account

Individual retirement account with tax advantages.

Roth IRA

Retirement account with tax‑free withdrawals later.

Retirement Account Pros

Tax benefits, employer match, long‑term growth.

Retirement Account Cons

Early withdrawal penalties, contribution limits.

How to Fill Out a Check reminders

write money in words, use fraction for cents, use a dash after money.

Parts of a Check

Date, payee, amount, memo, routing number, account number, signature.

Investment Risk

Chance of losing money.

Investment Liquidity

How quickly something can be turned into cash.

ROI Percentage

Profit earned compared to the cost.

Simple Interest

Interest earned only on the original amount.

Compound Interest

Interest earned on the original amount plus past interest.

Stock Shares

Pieces of ownership in a company.

Dividends

Company profit paid to shareholders.

Capital Gains

Profit from selling an investment for more than you paid.

Types of Identity Theft

Financial, medical, criminal, and online identity theft.

Protect Against Identity Theft

Use strong passwords, monitor accounts, shred documents, avoid scams.