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DECA Personal Financial Literacy
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DECA Personal Financial Literacy
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25 Questions

1. a liability that falls due beyond one year from the date of the financial statements

2. You can only withdraw from your IRA without 10% penalty after age 59.5.

3. covers your car for reasons other than a collision, such as theft, fire, vandalism

4. Difference between closing price of previous day and current day.

5. Free, public database contains required information about companies by the SEC.

6. are profits made from the sale of capital assets such as stocks and bonds

7. The neutral third party holding funds or something of value in trust for another or others.

8. a shop where loans are made with personal property as security

9. The branch of the U.S. Treasury Department in charge of collecting taxes

10. a written contract with a promise to pay a supplier a specific sum of money at a definite time

11. executive who has overall responsibility for managing both the revenue and cost elements of a company's income statement, known as profit & loss responsibility

12. The flat fee (usually $25 - 50) that you pay every time you see a certain doctor

13. Mid-April

14. Investing roughly equal amounts of money at regular intervals. If stock goes up, you automatically are buying less schares, if stock goes down, you are automatically buying more shares.

15. Due by end of January, given by employer

16. Must get referrals from primary doctors to see specialists

17. the total value of everything someone owns, minus the debts. Assets

18. Protects against most types of losses and liabilities related to home ownership.

19. Allows person to deposit and withdraw money from their account at an atm

20. Pre-tax Retirement account 401(k) provided to employees by their employer. You can contribute more, but there are limitations on what you can invest in. Employer may do investment matching.

21. Federal Income Tax, State Income Tax, FICA (Social Security and Medicare), Wage Garnishments.

22. the payment you receive is based on the replacement cost of an item minus depreciation

23. The loss of potential gain from other alternatives when one alternative is chosen. Whatever must be given up to obtain some item

24. Money or securities held by a third party until conditions of a contract are met

25. Written statement that makes it legal for an underage student (U18) or foreigner to work for an employer.

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