89 Cards in this Set
| Front | Back |
|---|---|
|
Federal Reserve
|
oversee money progress of US
|
|
What is most Important benefit
|
Health
|
|
How Much salary is for benefits
|
Up to 30%
|
|
Micro economics
|
houshold individual family financial behavior
|
|
Carter
|
Democrat, very high inflation 1977-1981
|
|
Ronald Reagan
|
Republican SUPPLY SIZE ECONOMY
|
|
George Bush
|
Republican contiued regan policy
|
|
Bill CLinton
|
Democrat NEW ECONOMY Internet Boom big growth
|
|
George W
|
republican corporate and personal responsibility Recession
|
|
Obama
|
Democrat keep out of depression Affordable healthcare no more penny
|
|
Unemployment
|
5% is what we want
2% is amazing
6% is what were at
|
|
Opportunity cost
|
paying for one thing instead of another thing
|
|
INFLATION RATE
|
2%
|
|
How do you measure inflation
|
Consumer price index
how prices have gone up that year
|
|
Avg amount of credit cards
|
8-10
|
|
State with most bankruptcy
|
Utah, Tennessee
|
|
Before you file bankruptcy
|
Get credit counseling
|
|
Level of Living
|
where you are now
|
|
Standard of Living
|
where you want to be
|
|
Hs vs College
|
college graduates make twice as much as high school
|
|
Business/Economic Cycle
|
Expansion..Recession....Depression...Recovery
|
|
Depression 1930
|
10% or more unemployed
6-7% now
|
|
Time value of money
|
compound intrest
should i buy now invest or wait
|
|
Highest age of income
|
35-54
|
|
Budget
|
Monthly measure of inflow and outflow
housing is most expensive
|
|
Family Budget %
|
32% housing
18% transportation
|
|
Fixed Expanse
|
rent, car payment
|
|
Flexible Expanse
|
food, entertainment
|
|
Insolvent
|
can't pay debt very BAD
|
|
Solvent
|
This is good, you can make payments
|
|
Reserved Fund
|
3 total months of salary on the side for emergency
|
|
Most common tax form
|
1040
|
|
Where do taxes go
|
Social Services
|
|
Tax Evasion
|
illegal when you just don't pay taxes
|
|
Audited
|
only 1% chance of getting pulled
|
|
W4
|
what you sign when you start at a company
|
|
W2
|
What you get at the end of the year
|
|
Financial Planner
|
CFP certificate
CPA
large old known
|
|
College Funds
|
Bright futures, forida pre paid
|
|
Custodial account
|
Education IRA parent in charge
save for children
|
|
Savings Bond
|
Low risk very safe
Least Expansive
|
|
EE Bonds
|
1-4 have savings bond most common
|
|
I Bond
|
tracks inflation
|
|
Property Tax
|
taxes on a house, condo, developed or undeveloped
|
|
US savings
|
4-6% strive for 10%
|
|
Home Banks
|
Safety deposit safe
|
|
Bank Accounts
|
Compounding NOW interest rates
|
|
Deregulation of Bank
|
brokerage house money marketing accounts , credit unions
|
|
Financial Analysis
|
AWARE.....Analysis......ACTION.....EVALUATION
|
|
Affinity Cards
|
Don't get unless they are the same price
|
|
Insurance
|
FDIC only up 250,000 spread out money
|
|
CD
|
Certificate of deposit, very secure, time accounts, longer its in more money
|
|
Net Worth
|
Assets minus liability
|
|
Financial Assesment
|
Budget and net worth
|
|
FICO Score
|
Issac Corp median score 623
|
|
High FICO
|
720
|
|
Low FICO
|
Under 500
|
|
Debit Cards
|
Used more by younger people and credit by older
|
|
Fixed Income
|
receive the same amount of money every month...social security
|
|
In the Black
|
finacially good
|
|
In the red
|
financially BAD debt
|
|
Furloughs
|
temp layoff, no pay, but job once economy is back up
|
|
Euro
|
most of europe
|
|
Pound
|
England
|
|
Yen
|
Japan
|
|
CH 11
|
Business goes under
|
|
CH 13
|
Pay back some of debt, this is best of them all
|
|
CH 7
|
absolved, don't pay any very bad
|
|
Population
|
Cali, Texas, Florida, NY
|
|
Wealth
|
Salary and Income
own things that can increase in value to become more wealthy.
|
|
Tangible assets
|
Flashy cars
|
|
Supply and Demand
|
The more things made the less expensive
|
|
Ben Bernake
|
14th chairman
|
|
Janet Yellen
|
15th chairman first woman
|
|
Vesting
|
working a certain # of years to get retirement
|
|
Taxe AVG
|
20-40% of salary
|
|
Benefits Received Philosophy
|
Those who use the the benefit from the public should pay for it ex toll road
|
|
Ability to pay phil
|
higher income should pay more
|
|
Progressive PHIL
|
more you earn more you pay
|
|
Regressive PHIL
|
take smaller % of those who make more than those who are lower ex. food taxes same for everyone
|
|
Tax Avoidance
|
legal, donate money so you don't pay on it
|
|
Excise Taxes
|
taxes on specific goods
|
|
homestead exemptions
|
reductions in property taxes due to disability age
|
|
Estate Tax
|
taxes imposed on value of deceased persons money
|
|
Inheritance Tax
|
Paid by beneficiaries of an estate
|
|
Gift Tax
|
Oprah and the cars
|
|
Retirement plans
|
401k
403B government and nonprofit
IRA Individual retirement account
|
|
Biometric
|
how to identify yourself, finger print, eyes ets
|
|
5 C of credit
|
Capacity
Capital
Character
Collateral
Conditions
|
COA 4131: EXAM 1