Podcast
Questions and Answers
What are taxes?
What are taxes?
- Provides care for illness and injury.
- Fees to support the government required to be paid by people and businesses. (correct)
- Money borrowed to pay for college.
- A fee charged to stay in an apartment or house.
What is the Affordable Care Act?
What is the Affordable Care Act?
- Money borrowed to pay for college.
- Health insurance required by the government to protect yourself. (correct)
- Electricity and water costs.
- A fee charged for renting property.
What is rent?
What is rent?
A fee charged to stay in an apartment or house.
Who is a landlord?
Who is a landlord?
What are car expenses?
What are car expenses?
What are student loans?
What are student loans?
What are home expenses?
What are home expenses?
What do groceries/food refer to?
What do groceries/food refer to?
What does having kids refer to?
What does having kids refer to?
What is health insurance?
What is health insurance?
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Study Notes
Financial Terms and Concepts
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Taxes: Mandatory fees levied on individuals and businesses to fund government operations and services.
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Affordable Care Act: Legislation mandating health insurance coverage to ensure access to medical care and protect individual health.
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Rent: Monthly payment made to occupy a residential property, such as an apartment or house.
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Landlord: The owner of a rental property who collects rent from tenants.
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Car Expenses: Regular costs associated with vehicle ownership, including inspection, registration, maintenance, insurance, and fuel.
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Student Loans: Funds borrowed to finance higher education, which require repayment over time.
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Home Expenses: Recurring costs for utilities and services at home, including electricity, water, gas, internet, cellphone bills, and repairs.
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Groceries/Food: One of the most significant monthly expenditures for households, covering the cost of food and essentials.
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Kids: Significant financial responsibility; although costly, raising children can be one of life's greatest joys and blessings.
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Health Insurance: Coverage that helps pay for medical expenses, including treatment for illness and injury, as well as preventive care services.
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