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6 Everfi Future Smart: Your Financial Future Exam/21 Questions with Answers
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6 Everfi Future Smart: Your Financial Future Exam/21 Questions with Answers
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6 Everfi Future Smart: Your FinancialFuture Exam/21 Questions with Answers
Premium - -The amount you pay your insurance company for coverage. It is usually paid each month. -Deductible - -The amount you are required to pay for the year before your insurance covers any cost. -Copay - -A fee you pay for medical service, each time you visit the doctor's
office not covered by insurance. Sometimes called an "Out of pocket" expense. -Security deposit - -Money you pay when you rent an apartment to pay for any damage. If there is no damage when you leave, you get your money back. -Renters Insurance - -Insurance that will pay for all your stuff in an apartment if something bad happens. -401k or 403b - -A retirement account where you pay from your paycheck before taxes and where your employer matches up to 3%. -IRA - -An Individual Retirement Account. Your employer does not match your funds. -Risk - -How likely it is that you will lose money on an investment -Return - -How much money you can earn from an investment -Diversification - -Your portfolio includes a mix of investments of different risk levels -Savings accounts - -Safe way to store money. Pays interest and is insured by the FDIC or NCUA. -Bond - -A loan to a company or government -Stock - -A small piece of ownership in a company. Highest risk investment. -Mutual Fund - -A mix of different investments, like stocks and bonds. This is
a moderately safe method of investing over a long period of time. -Stock exchange - -A place to trade stocks
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