FINANCIAL JEOPARDY! Your Host:  Isaias Sarmiento, Chartered Retirement Planning Counselor
500 500 500 500 500 500 400 400 400 400 400 400 300 300 300 300 300 300 200 200 200 200 200 200 100 100 100 100 100 100 UN...
TO YOUR CREDIT  100 <ul><li>There are many different credit reporting agencies, but these 3 agencies are the biggest and m...
TO YOUR CREDIT  200 <ul><li>Credit card payments made this many days after the due date are recorded on your credit report...
TO YOUR CREDIT  300 <ul><li>Of the following, the 2 items that are the most important factors in a FICO credit score.  </l...
TO YOUR CREDIT  400 <ul><li>According to the Fair Credit Billing Act, if there is a credit card charge that you did not au...
TO YOUR CREDIT  500 <ul><li>A Chapter 13 bankruptcy (the kind where debts are paid back over several years) stays on your ...
9 TO 5 GRIND   100 <ul><li>The maximum contribution you can make to an IRA in 2009 if you are under 50 years old. </li></u...
9 TO 5 GRIND  200 <ul><li>The earliest age at which you can receive social security benefits for retirement. </li></ul><ul...
9 TO 5 GRIND  300 <ul><li>Self-employed people can set up their own retirement plans. These two plans for the self-employe...
9 TO 5 GRIND  400 <ul><li>You take a distribution of $30,000 from your 401k to buy a house. This is the amount of the fede...
9 TO 5 GRIND  500 <ul><li>Your company makes a dollar-for-dollar match when you contribute to your 401k plan, up to 5% of ...
IN MY CRIB  100 <ul><li>This is the standard percent for a down payment on a house that you would need to make so you don’...
IN MY CRIB  200 <ul><li>A “point” is defined as this percent of a mortgage loan. </li></ul><ul><li>1% (Some lenders requir...
IN MY CRIB  300 <ul><li>In 2009, you may qualify for an $8000 refundable credit if you buy your first home before this dat...
IN MY CRIB  400 <ul><li>Generally, for mortgage lenders to feel comfortable lending to you, your total debt payments shoul...
IN MY CRIB  500 <ul><li>The City of Boston offers homeowners a residential exemption, which reduces one’s property taxes. ...
MO’ MONEY  100 <ul><li>What does DJIA stand for? </li></ul><ul><li>Dow Jones Industrial Average (Informally known as Dow 3...
MO’ MONEY  200 <ul><li>This term describes investing the same small amount into an investment when you don’t have a big wa...
MO’ MONEY  300 <ul><li>This type of mutual fund charges a broker’s commission (typically 5.5% - 6%) at the time you purcha...
MO’ MONEY  400 <ul><li>This percent represents the average annual rate of return if you invested in the S&P 500 index from...
MO’ MONEY  500 <ul><li>This percent represents the average annual rate of return if you invested in the S&P 500 index from...
AFTERLIFE  100 <ul><li>Paul and Steve own a home together as  tenants in common . Paul dies, leaving a will bequeathing hi...
AFTERLIFE  200 <ul><li>Tom has an IRA. His current beneficiary is his ex-wife Winnie. Tom’s will states that his current w...
AFTERLIFE  300 <ul><li>This term is used to refer to someone who dies without a will, thereby leaving it up to the state t...
AFTERLIFE  400 <ul><li>The amount of money you can give to any one person in 2009 before being subject to the gift tax.  <...
AFTERLIFE  500 <ul><li>Of the following, the form of ownership that avoids the probate process. </li></ul><ul><ul><li>Fee ...
UNCLE SAMMY  100 <ul><li>This is what AGI stands for.  </li></ul><ul><li>Adjusted Gross Income Certain Income  (e.g. wages...
UNCLE SAMMY  200 <ul><li>Of the following, the one that is NOT an itemized deduction. </li></ul><ul><ul><li>Charitable con...
UNCLE SAMMY  300 <ul><li>In 2009, the amount in unemployment benefits you can receive without having it be taxed by the IR...
UNCLE SAMMY  400 <ul><li>You sell shares of stock for a gain after holding them for 2 years. You are in the 25% federal ta...
UNCLE SAMMY  500 <ul><li>This is the maximum percent of social security benefits that can be taxable income, depending on ...
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Financial Jeopardy!

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Financial Jeopardy!

  1. 1. FINANCIAL JEOPARDY! Your Host: Isaias Sarmiento, Chartered Retirement Planning Counselor
  2. 2. 500 500 500 500 500 500 400 400 400 400 400 400 300 300 300 300 300 300 200 200 200 200 200 200 100 100 100 100 100 100 UNCLE SAMMY AFTER LIFE MO’ MONEY IN MY CRIB 9 TO 5 GRIND TO YOUR CREDIT
  3. 3. TO YOUR CREDIT 100 <ul><li>There are many different credit reporting agencies, but these 3 agencies are the biggest and most well-known. </li></ul><ul><li>Experian, Equifax, TransUnion Get your free credit report from www.annualcreditreport.com. </li></ul>
  4. 4. TO YOUR CREDIT 200 <ul><li>Credit card payments made this many days after the due date are recorded on your credit report. </li></ul><ul><li>30 days Be sure to make at least the minimum payment on time to maintain good credit. Better yet, try to pay off your cards in full every month. </li></ul>
  5. 5. TO YOUR CREDIT 300 <ul><li>Of the following, the 2 items that are the most important factors in a FICO credit score. </li></ul><ul><ul><li>Length of credit history </li></ul></ul><ul><ul><li>New credit </li></ul></ul><ul><ul><li>Payment history </li></ul></ul><ul><ul><li>Amounts you owe </li></ul></ul><ul><ul><li>Type of credit in use </li></ul></ul><ul><li>Payment history & Amounts you owe </li></ul>
  6. 6. TO YOUR CREDIT 400 <ul><li>According to the Fair Credit Billing Act, if there is a credit card charge that you did not authorize, your responsibility for the charge is limited to this dollar amount. </li></ul><ul><li>$50 </li></ul>
  7. 7. TO YOUR CREDIT 500 <ul><li>A Chapter 13 bankruptcy (the kind where debts are paid back over several years) stays on your credit report for this many years from the date filed. </li></ul><ul><li>7 years Ch 7 bankruptcy (where your assets are liquidated) stays on your report for 10 years. </li></ul>
  8. 8. 9 TO 5 GRIND 100 <ul><li>The maximum contribution you can make to an IRA in 2009 if you are under 50 years old. </li></ul><ul><li>$5000 ($6000 if you’re 50 or older) </li></ul>
  9. 9. 9 TO 5 GRIND 200 <ul><li>The earliest age at which you can receive social security benefits for retirement. </li></ul><ul><li>62 years old If you receive social security benefits before your full retirement age, your benefits are reduced permanently. </li></ul>
  10. 10. 9 TO 5 GRIND 300 <ul><li>Self-employed people can set up their own retirement plans. These two plans for the self-employed have the name IRA in them. </li></ul><ul><li>SEP-IRA & Simple IRA </li></ul>
  11. 11. 9 TO 5 GRIND 400 <ul><li>You take a distribution of $30,000 from your 401k to buy a house. This is the amount of the federal tax penalty that you will be assessed. </li></ul><ul><li>$3000 (10% penalty on top of federal and state taxes) May be better just to take out a loan. </li></ul>
  12. 12. 9 TO 5 GRIND 500 <ul><li>Your company makes a dollar-for-dollar match when you contribute to your 401k plan, up to 5% of your annual salary. Your annual salary is $50,000, and you contribute $3000 to your 401k. This is the amount of the company match. </li></ul><ul><li>$2500 </li></ul>
  13. 13. IN MY CRIB 100 <ul><li>This is the standard percent for a down payment on a house that you would need to make so you don’t have to pay private mortgage insurance (PMI). </li></ul><ul><li>20% </li></ul>
  14. 14. IN MY CRIB 200 <ul><li>A “point” is defined as this percent of a mortgage loan. </li></ul><ul><li>1% (Some lenders require you pay points if you want a lower interest rate.) </li></ul>
  15. 15. IN MY CRIB 300 <ul><li>In 2009, you may qualify for an $8000 refundable credit if you buy your first home before this date. </li></ul><ul><li>December 1, 2009 </li></ul>
  16. 16. IN MY CRIB 400 <ul><li>Generally, for mortgage lenders to feel comfortable lending to you, your total debt payments should add up to no more than this percent of your gross income. </li></ul><ul><li>36% </li></ul>
  17. 17. IN MY CRIB 500 <ul><li>The City of Boston offers homeowners a residential exemption, which reduces one’s property taxes. In FY2009, a Boston homeowner can save this much in property taxes under the exemption. $575 $875 $1075 $1375 $1675 $2075 </li></ul><ul><li>$1375 </li></ul>
  18. 18. MO’ MONEY 100 <ul><li>What does DJIA stand for? </li></ul><ul><li>Dow Jones Industrial Average (Informally known as Dow 30, DJIA is an index that measures the price movement of 30 of the largest U.S stocks.) </li></ul>
  19. 19. MO’ MONEY 200 <ul><li>This term describes investing the same small amount into an investment when you don’t have a big wad of cash to invest all at once. </li></ul><ul><li>Dollar-cost averaging </li></ul>
  20. 20. MO’ MONEY 300 <ul><li>This type of mutual fund charges a broker’s commission (typically 5.5% - 6%) at the time you purchase shares of the fund. Class A fund Class B fund Class C fund No-load fund </li></ul><ul><li>Class A fund (Go to www.investopedia.com and read “The ABCs of Mutual Fund Classes.”) </li></ul>
  21. 21. MO’ MONEY 400 <ul><li>This percent represents the average annual rate of return if you invested in the S&P 500 index from 1999 to 2008. -9% -6% -3% 0% 3% 6% 9% 12% </li></ul><ul><li>-3% (more precisely, -3.03%) </li></ul>
  22. 22. MO’ MONEY 500 <ul><li>This percent represents the average annual rate of return if you invested in the S&P 500 index from 1989 to 2008. -9% -6% -3% 0% 3% 6% 9% 12% </li></ul><ul><li>6% (more precisely, 6.07%) The average annual rate of return from 1979 to 2008 was 7.73%. </li></ul>
  23. 23. AFTERLIFE 100 <ul><li>Paul and Steve own a home together as tenants in common . Paul dies, leaving a will bequeathing his interest in the home to Aunt Shameeka. This person gets Paul’s share of the home. </li></ul><ul><li>Aunt Shameeka (If they had owned their home as joint tenants with rights of survivorship, then the home would have gone to Steve.) </li></ul>
  24. 24. AFTERLIFE 200 <ul><li>Tom has an IRA. His current beneficiary is his ex-wife Winnie. Tom’s will states that his current wife Wanda will get 50% of the IRA, and his daughter Wynona will get the other 50%. Tom dies. This person gets the IRA. </li></ul><ul><li>Winnie </li></ul>
  25. 25. AFTERLIFE 300 <ul><li>This term is used to refer to someone who dies without a will, thereby leaving it up to the state to decide who gets his assets. </li></ul><ul><li>Intestate </li></ul>
  26. 26. AFTERLIFE 400 <ul><li>The amount of money you can give to any one person in 2009 before being subject to the gift tax. </li></ul><ul><li>$13,000 </li></ul>
  27. 27. AFTERLIFE 500 <ul><li>Of the following, the form of ownership that avoids the probate process. </li></ul><ul><ul><li>Fee simple (single ownership) </li></ul></ul><ul><ul><li>Joint tenancy with rights of survivorship </li></ul></ul><ul><ul><li>Tenancy in common </li></ul></ul><ul><ul><li>Tenancy by the entirety </li></ul></ul><ul><ul><li>Community property </li></ul></ul><ul><li>Joint tenancy w/ rights of survivorship </li></ul>
  28. 28. UNCLE SAMMY 100 <ul><li>This is what AGI stands for. </li></ul><ul><li>Adjusted Gross Income Certain Income (e.g. wages, self-employment, unemployment, gambling winnings, pensions/social security, gains from stock sales) minus Certain deductions (e.g. IRA contributions, moving expenses, tuition and fees, student loan interest, self-employed health insurance) </li></ul>
  29. 29. UNCLE SAMMY 200 <ul><li>Of the following, the one that is NOT an itemized deduction. </li></ul><ul><ul><li>Charitable contributions </li></ul></ul><ul><ul><li>Mortgage interest </li></ul></ul><ul><ul><li>Medical expenses </li></ul></ul><ul><ul><li>Traditional IRA contributions </li></ul></ul><ul><ul><li>Gambling losses </li></ul></ul><ul><li>IRA contributions </li></ul>
  30. 30. UNCLE SAMMY 300 <ul><li>In 2009, the amount in unemployment benefits you can receive without having it be taxed by the IRS. </li></ul><ul><li>$2400 Consider having taxes withheld. Also, you should get Form 1099-G next year so you can do your taxes. </li></ul>
  31. 31. UNCLE SAMMY 400 <ul><li>You sell shares of stock for a gain after holding them for 2 years. You are in the 25% federal tax bracket. Your stock gain is taxed at this percent. </li></ul><ul><li>15% (If you’re in the 10-15% bracket, your tax is 0%. If you sell after holding the shares for 1 year or less, your tax is your federal tax bracket.) </li></ul>
  32. 32. UNCLE SAMMY 500 <ul><li>This is the maximum percent of social security benefits that can be taxable income, depending on how much other income you have for the year. </li></ul><ul><li>85% </li></ul>

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