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What are ways to protect your identity online?
Be careful what websites you visit, do not share personal information online, be wary of clicking unknown links, use strong, unique passwords
What is risk pooling?
When insurance companies combine the amount paid by customers to help pay for the few people who need to use the services
What is a coverage limit?
The maximum amount an insurance company will pay for services
What is a premium?
The monthly rate paid to the insurance company to be insured
What is a deductible?
The amount required to pay before insurance will begin paying for services
Why is it important to have auto insurance?
To protect yourself from other uninsured driver and to help pay for expenses related to an accident
What is a 1040
A tax form that is filled out to determine if taxes are owned or will be refunded by the government
When are W-2's required to be sent?
By the end of January
When is tax day?
April 15th
What is the difference between gross pay and net pay?
Gross pay is the amount earned before taxes and net pay is the amount earned after taxes
What are FICA taxes?
Social Security and Medicare
How much unearned income is required to file taxes?
$1,100
How much money do you need to make a year to be required to file taxes?
$12,400
What two types of investments are considered "high risk"?
Real estate and speculative investments
What is an index fund?
A large collection of similar stocks and bonds grouped together
What is a bond?
A government or company loan that you provide to a company for a return on a specified date
What is a stock?
A small part ownership of a company
Why should you invest for retirement sooner than later?
Your money will have more time to grow and more will be available when you retire
What two types of retirement accounts are tax advanged?
Traditional IRA and 401(K)
What is a diversified portfolio?
When a portfolio of assets has many different types of investments
What is the relationship between risk and return?
Higher risk = Higher return
What is inflation?
The rise of the cost of goods and services over time
What does "liquidity" mean?
How easily an asset can be turned into cash
What is the difference between saving and investing
Investing is when you spend money in hopes it makes a return, saving is storing money for later use
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