Personal Finance Final - May 2024

Front

The typical ways to invest are real estate, stocks, bonds, and

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Mutual Funds

Front

Liquidity is

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Assets which can be converted to cash quickly

Front

Is it true that bankruptcy is a legal process used to settle debts that cannot be paid off?

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True

Front

Assets are something you own?

Back

True

Front

Liabilities are something you owe?

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True

Front

What is another name for "Take-home" pay?

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Net Income

Front

The IRS is a Federal Agency that is responsible for:

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Collecting income and payroll taxes and enforcing tax law.

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Capital Gains taxes are paid on Investments that appreciate in value, i.e. income from stocks, gold that go up in value.

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Investments that appreciate in value, i.e. income from stocks, gold that go up in value

Front

Interest is the

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The fee paid to borrow other people's money

Front

Gross Income is your income before

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all deductions including taxes, 401K, and various types of insurances.