ICE Study Guide 2016
Unlock all answers in this set
Unlock answersquestion
Indiana Department of Revenue
answer
Name for Indiana's tax bureau
question
Indiana's State tax percentage
answer
3.3%
question
Allen County tax percentage
answer
1.35%
question
The next percent tax bracket for federal taxes following 0%
answer
10%
question
What percent does most Homestead families pay in taxes?
answer
25%
question
How many pennies were sent to Social Security/Medicare for every $1 you earned last year?
answer
15.3
question
Tax evasion
answer
Willful failure to file and pay taxes
question
Loan sharks
answer
Unlicensed lenders who charge illegal rates
question
layaway
answer
Credit that involves setting aside merchandise and paying for it in regular payments
question
debt collector
answer
One hired to collect balances due on accounts
question
finance companies
answer
Small loan companies that charge high interest rates
question
line of credit
answer
A pre-established amount that can be borrowed
question
pawnshops
answer
Legal businesses that give loans based on the value of merchandise held as collateral
question
prime rate
answer
The interest rate banks offer chosen business customers
question
principal
answer
The total amount financed, on which interest is computed
question
rate
answer
The interest expressed as a percentage
question
rebate
answer
A partial refund of an amount spent
question
secured loan
answer
A loan on which property is pledged to ensure payment
question
subscriber
answer
One who pays dues to a credit bureau
question
usury
answer
Laws that establish maximum interest rates
question
credit file
answer
Summary of a persons credit history, kept at a credit bureau
question
credit report
answer
A written statement issued by a credit bureau that contains important credit facts about a consumer
question
APR
answer
The annual percentage rate
question
APY
answer
The annual percentage yield
question
Stop payment
answer
A request that the bank not cash a specific check
question
Checking account
answer
An account that allows depositors to write checks to make payments
question
Postdated check
answer
A check written for a future date
question
overdraft
answer
A check written for more money than your account contains
question
cashier's check
answer
A check written by a bank on its own funds
question
reconciliation
answer
The process of matching your checkbook register with the bank statement
question
floating a check
answer
When you realize your account contains insufficient funds, but you write a check anyway, hoping that a deposit will clear before the check is cashed
question
FDIC
answer
Insurance which protects the deposits of customers against loss
question
certified check
answer
A personal check that the bank guarantees or certifies to be good
question
W-2
answer
Form you receive from your employer after the end of the year and before January 31st
question
W-4
answer
Form you fill out at the beginning of employment that declares how many exemptions you wish to claim
question
Form 1040-EZ
answer
Federal tax form that is the short or simplified form
question
What is April 15th?
answer
Date that your income taxes must be postmarked by
question
certificate of deposit (CD)
answer
A deposit that earns a fixed interest rate for a specified length of time
question
discretionary income
answer
Income you have left over after you have paid your bills
question
liquidity
answer
The ability of an asset to be converted into cash quickly without loss of value
question
stocks
answer
A unit of ownership in a corporation
question
mutual funds
answer
Shares in a large, professionally managed group of investments
question
real estate
answer
Another name for houses and land
question
compound interest
answer
Interest computed on the original principal plus accumulated interest
question
will
answer
A legal document that tells how you want your estate to be distributed after your death
question
trust
answer
A legal document in which an individual gives someone else control of property, for ultimate distribution to another person
question
proxy
answer
A stockholder's written authorization to transfer his or her voting rights to someone else, usually a company manager
question
bull market
answer
A prolonged period of rising stock prices and a general feeling of investor optimism
question
bear market
answer
A prolonged period of falling stock prices and a general feeling of investor pessimism
question
junk bonds
answer
A bond that has a low rating, or no rating at all
question
zero-coupon bonds
answer
A bond that is sold at a deep discount, makes no interest payments, and is redeemable for its face value at maturity
question
futures contracts
answer
To buy and sell commodities or stocks for a specified price on a specified date in the future
question
How much income can you earn without paying taxes? ( federal)
answer
$10,300.
question
How much income can you earn without paying taxes? ( state)
answer
$1000.
question
Revolving credit
answer
A consumer has the option each month of paying in full or making payments at least as high as the stated minimum
question
Consumer protection act
answer
a group of laws and organizations designed to ensure the rights of consumers as well as fair trade
question
How much does a debt collector charge? (percent)
answer
25%
question
The total amount that remains due on a loan
answer
balance
question
Summary of a person's credit history, kept at a credit bureau
answer
credit file
question
The amount of credit above what you already owe
answer
unused
question
The amount paid for the use of credit
answer
interest
question
Items such as coins, antiques, beanie babies, stamps
answer
collectibles
question
Gold, silver and platinum
answer
precious metals
question
Diamond, ruby, saphire and emrald
answer
precious stones
question
Opal, garnet, blue topaz, rose quartz
answer
semi-precious stones
question
property you possess that is worth more than debts is called
answer
collateral
question
Who offers the lowest rate of interest for a consumer loan
answer
credit union
question
If you report your credit card lost or stolen your liability is limited to
answer
$50
question
Principal times rate of interst times length of repayment time
answer
simple interest
question
It is not wise to charge anything under
answer
$25
question
The difference between cash price and total price when installment payments are mad is called
answer
cost of credit
question
Who has less deductions from 1040EZ or 1040
answer
1040EZ
