View
- Term
- Definition
- Both Sides
Study
- All (89)
Shortcut Show
Next
Prev
Flip
COA 4131: EXAM 1
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
|