Owning stock in, This is a type of federal student loan on which the government pays the interest that accrues while a student, An expense incurred by a taxpayer that is subtracted from gross income when the taxpayer computes his or, This is a type of federal student loan on which the government does not pay the interest that accrues while a. Thomas thinks the stock market will go up by 20% in the near future. Balance transfers are typically used when, A bond is basically a loan, except that in this case, you're the lender. Personal Finance. Loans are based on the value of your collateral, not your credit rating or pay schedule. consumer tax on a specific kind of merchandise, such as tobacco. These plans can invest in either annuities or mutual funds. the money that remains after paying for taxes and necessities. The amount of debt a person or a household has in relation to his or her income. A common financial service used by many consumers. the amount of income left after taxes and other deductions are taken out of your gross pay, John's company will match his pre-tax contributions to the company's retirement plan, known as, A company offers a defined contribution plan (401K) which means upon retirement the employee receives. A tax that pays for the retirement benefits for people who are currently retired and for the future retired, A Social Security number (SSN) is a 9-digit number issued to U.S. citizens, permanent residents, and temporary, One of the most common types of federal student loan, awarded based on limits that are set for any individual, Most states charge income tax on all its residents. This means when you pay for something, the sales tax is added to the total, A type of savings vehicle in which you earn interest on the principal, usually without minimum balance, A savings plan is a way to save money for the long-term, which for most people means. * You will have access to your personal results immediately after completing the test … Students must apply. In general, you use insurance -- of various types -- to protect against losses as you accumulate assets, he says. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Ex. If you are in the assigned insurance risk pool, it is because, you had three accidents in an 18 month period, Stock Market (NY Stock Exchange NYSE, American Stock Exchange AMEX, NASDQ). Whenever you take out a loan or a, The amount of money that you are able to charge to a credit card. When money is added into a bank account (also known as a 'credit'). This formula is useful for understanding the nature of compound interest. Gravity. The W!se Financial Literacy Ambassador Award is a $4,000 monetary award distributed to four students ($1,000 each) in our national network (49 States and Guam) who earn at least 95% on our Financial Literacy Certification Test … You don't need to be a money maven to make smart money decisions, but you do need to know a thing or two about income, taxes, and safeguarding your hard earned money. You will have to pay the full amount if your neighbor doesn't. If a couple was to wipe out their debt in terms of bankruptcy they would file _______ bankruptcy, Chapter 7--simplest and most common form of bankruptcy. Created by. Start studying personal financial literacy. Test your new financial knowledge. A type of insurance that covers your home as well as your possessions inside it in case of damage or loss. Your deductible is the amount you are required to pay toward each claim you make before your insurance, In tax terms, an expense incurred by a taxpayer that is subtracted from gross income when the taxpayer, Occurs when a borrower is unable or unwilling to repay a debt or required payment. Enter in loan rates and terms and see how much you may spend in interest over time. The $30 difference between what you pawned the watch for and what you redeemed it for is: You have a tax-deferred retirement plan. In investing terms, the chance you take that an investment may or may not result in a return. is the effective annual rate of return taking into account the effect of compounding interest. This is the main form students use to apply for federal. Over 25,000 people – high school students through adults – have completed this test. If loan payments are not made, assets can be seized and sold by banks. Financial Literacy Vocabulary words. Lenders use this ratio to decide if more debt can be taken on by the borrower. Terms in this set (6) Payroll tax. An unsecured loan is one that is obtained without the use of property as collateral for the loan, and it is also called a signature loan or a personal loan. Created by. tax. A claim is the request you make to your insurance company for payment of the benefits allowed by your, Compound interest is interest that's generated not only from the money you put into an account, but also, The number of compounding periods in one year. In this tax system, you are taxed on the money you earn, Shares of ownership in a company. DTI is calculated by dividing total recurring monthly debt by gross monthly income, and it is expressed as a percentage. FICO is an acronym for the Fair Isaac Corporation, the company that developed the FICO score, which is the, Brackets that determine, based on how much income an individual makes, what percentage of that income, The federal government charges income tax on all its residents. They can help to manage money and make paying bills more convenient. Can refer to physical items (like a house. College Financial Literacy Test & Surveys. Start studying DECA Personal Financial Literacy. In, A payment type that allows you to make electronic purchases that debit the cost of the purchase directly from. They charge high interest rates. You pawned a watch for $150. An individual retirement account designed for individual savers. An act which requires lenders to inform borrowers of all direct, indirect and true costs of credit. Goals that are specific, measurable, attainable, realistic, and time-bound. Thomas predicts a _____ market. the total amount contributed plus investment earnings. It is composed of a Board of, Federal Student Loans are offered directly to students by the government. Over 25,000 people – high school students through adults – have completed this test. Property tax. A tax form filled out by an individual and filed with the IRS that determines the amount of income tax owed in a single year. Your coverage refers to the range of protection you are eligible to receive from an insurance plan. A transfer of your existing credit card balance to another credit card. A global electronic marketplace for buying and selling securities, and technology stocks. The 52-week trading range has been between $25 and $35, What is true? The NFEC’s College Financial Literacy Test & Surveys are provided complimentary to be used online for pre-and post-testing, self-assessment, and to use as an instructional tool. A type of insurance that protects a policyholder in the case of a car accident. PLAY. Refers to how easily and quickly your assets, like your money, can be moved. A retirement account designed for individual savers that offers tax, Stands for the Internal Revenue Service. Perkins loans have a set 5% interest rate for 2018. A number that includes the taxpayer and any dependents. National Credit Union Administration, insures the deposits of members. 2 years b. But our work has confirmed that there actually IS a short and very effective diagnostic financial literacy test that can be used to … What would earn you the most interest--interest compounded yearly, quarterly, monthly or daily? It can be filed by businesses or individuals who are unable to pay their debt. Managing money continuously through life in order to reach your financial goals. A clear understanding of your personal values will: enable you to make choices that reflect what is important to you. Spell. A paper payment type. Examples: At 6% interest, your money takes 72/6 or 12 years to double. Allows you to have money come into your account. At a basic level, it works just like any, A mutual fund is a collection of investment vehicles that you can buy as a single package, rather than. This is a broader test that measures their ability to earn money and manage their personal finances. using dividends previously earned on the stock to buy more shares, A pharmacy is to drugs as the American Stock Exchange is to, the sale of an investment for less than its purchase price, the concept that money available today is worth more than the same amount tomorrow. A stock, A stockbroker is an individual who has a license to buy and sell stocks and other investments on one or more, A stock is a share of ownership in a company. Negative financial information (excluding bankruptcy) can stay on your credit report for: a. government bonds issued with terms of four, 13, 26 or 52 weeks. Holders of common stock exercise control by electing a board of directors and voting on corporate policy. Federal law sets the maximum. If you had money invested at 4%, how long would it take your money to double? is a security that represents ownership in a corporation. When interest rates increase, what happens to stock prices? This means: you will pay tax when you withdraw the money in this plan. With a Roth IRA, the money you contribute is, Many states charge sales tax. the division of a single share of stock into more than one share, paying a small percentage of a stock's price as a down payment and borrowing the rest from the brokerage firm. Your new account will provide you with access to NGPF Assessments and Answer Keys. Expenses are anything you spend money on, from a pack of gum to your monthly cell phone bill. Fail to pay their debt has in relation to his or her income this tax system, you 're lender. 13, 26 or 52 weeks spend the money supply by policymakers in the Federal Reserve is the unfair deceptive... 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