NGPF Answers 2022 [100% FREE Access]


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NGPF Answers – All Important Topics Covered

Below, we will be covering all quiz answer keys for NGPF important topics.

In case any topics are missing kindly let us know through the comment box below:

 

NGPF Behavioral Economics Answers

Q. Behavioral economics
Ans: The subfield of economics that applies psychological insights into human behavior and explains economic decision-making.

Q. Cognitive bias
Ans: A subconscious error in thinking that leads to irrational decision-making.

Q. Loss aversion
Ans: The tendency to regard losses as considerably more important than gains of comparable magnitude.

Q. Sunk cost fallacy
Ans: The tendency to make decisions about a current situation based on what resources you have already invested in the situation.

Q. Endowment effect
Ans: The tendency to put more value on things you already own.

Q. FOMO (fear of missing out)
Ans: The tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website.

Q. Herd mentality
Ans: The tendency to conform to the behaviors and beliefs of the people around you.

Q. Confirmation bias
Ans: The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence.

Q. Overconfidence bias
Ans: The tendency people have to be more confident in their own abilities.

Q. Hedonic adaptation
Ans: The tendency to return to a baseline level of happiness regardless of whether you go through a positive or negative experience or event.

Q. Overnight test
Ans: A strategy used to combat loss aversion by imagining that overnight something you own has been replaced with cash, then determining whether you would prefer to keep the cash or buy the item back.

Q. Sunk costs
Ans: Costs that have already been incurred and cannot be recovered.

Q. Overplacement
Ans: When a person mistakenly believes they are better than others.

Q. Overestimation
Ans: When a person believes they are better at something than they actually are.

Q. Overprecision
Ans: When a person has an exaggerated certainty that an answer is correct.

Q. Social media marketing
Ans: The use of social media platforms and websites to promote a product or service.

NGPF Types Of Credit Answers

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NGPF Managing Credit Answers

Q. Annual Percentage Rate (APR)
Ans: The interest rate at which a credit card user will be charged on the unpaid portion of their balance.

Q. Bankruptcy.
Ans: A legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay.

Q. Collections
Ans: Attempted recovery of a past-due credit obligation or debt by a collection department or agency.

Q. Credit
Ans: An agreement in which a borrower receives something of value now and agrees to repay the lender in the future, generally with interest.

Q. Credit Bureau
Ans: A company that collects and sells information about how individual people manage their credit (e.g. Equifax).

Q. Credit Counselor
Ans: A certified financial advisor who works for an accredited nonprofit specializing in helping consumers repay debt in a responsible manner.

Q. Credit History
Ans: A record of a person’s use of credit over time; your credit history plays an important role in determining your credit score.

Q. Credit Report
Ans: A document containing an individual’s financial information focusing on payment of their credit obligations over time.

Q. Credit Score
Ans: A three-digit number (ranging from 300-850) based on an individual’s credit history detailed in a credit report.

Q. Credit Utilization Rate
Ans: A measurement of your outstanding debt divided by your total available credit.

Q. Debt Snowball Method
Ans: A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first.

Q. Default
Ans: Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower’s credit score.

Q. FICO Score
Ans: The most commonly used credit score.

Q. High Rate Method
Ans: A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first.

Q. Net Worth
Ans: A measurement of your assets (money you’ve saved or things of value you own) minus your liabilities (money you owe others); also called wealth.

Q. Thin File
Ans: A term used to describe someone with little to no credit history.

 

NGPF Taxes Answers

Q. 1040
Ans: The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns.

Q. 1099
Ans: Form that details all “non-employee” compensation, including for specific jobs like freelancers or contractors.

Q. Allowances
Ans: Employee-claimed exemptions on the W-4 to determine how much of an employee’s pay to withhold from his or her paycheck for taxes.

Q. Audit
Ans: An inspection of a filer’s tax return by the IRS.

Q. Capital Gain
Ans: Profit from the sale of an asset, such as a stock or a bond, calculated by subtracting the price you initially paid from the price you then sold it for.

Q. Corporate Income Tax
Ans: A percentage of profits paid by a business to the federal and state government.

Q. Dependent
Ans: Someone you financially support who can be “claimed” on a tax return to reduce your taxable income and lower your taxes.

Q. Discretionary Spending
Ans: Spending by the federal government is determined by legislative action and approved through votes by elected officials.

Q. Dividend
Ans: Money from the profits of a company that is paid out to its shareholders, typically on a quarterly basis.

Q. Effective Tax Rate
Ans: The actual rate you pay on your taxes, as a percentage of your overall income.

Q. Excise Tax
Ans: A tax paid on purchases of a specific good, like gasoline or cigarettes.

Q. Exemption
Ans: The set amount of money, per dependent, you can subtract from your taxable income.

Q. Filing Status
Ans: A category that defines the type of tax return an individual will use, primarily based on marital status; it also determines the size of your tax brackets and how much of your income is taxed at each rate.

Q. I-9
Ans: Form used by an employer to verify an employee’s identity and to establish that the worker is eligible to accept employment in the United States.

Q. Income Tax
Ans: Taxes paid by employees to federal and state government through a direct deduction from their paycheck.

Q. Interest Income
Ans: Income earned through interest on savings accounts, bonds, CDs, etc…

Q. Mandatory Spending
Ans: Spending by the federal government is required by previously existing laws, including funding programs like Social Security and Medicare/Medicaid.

Q. Marginal Tax Rate
Ans: The tax bracket that your highest dollar of income falls into, and therefore the highest tax rate you pay.

Q. Medicaid
Ans: A government-run insurance program that provides healthcare assistance to low-income Americans.

Q. Medicare
Ans: A government-run insurance program that provides healthcare assistance to elderly and disabled Americans.

Q. Paycheck Stub
Ans: A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, etc…

Q. Payroll Tax
Ans: Federal and state taxes that all employers must pay, based on a percentage of the employee’s salary, toward social services such as Social Security and Medicare.

Q. Progressive Tax
Ans: A tax system that uses tax brackets to collect a larger percentage from the income of high-income earners than it does from low-income earners.

Q. Social Security
Ans: A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals.

Q. Standard Deduction
Ans: A standardized dollar amount that reduces your taxable income, specifically for individuals who do not receive additional benefit by itemizing their deductions into medical expenses, donations, etc…

Q. Tax Bracket
Ans: A range of income amounts that are taxed at a particular rate.

Q. Tax Rate
Ans: The percentage at which taxes are paid on each dollar of income.

Q. Taxable Income
Ans: The amount of income that is used to calculate an individual’s or a company’s income tax due.

Q. W-2
Ans: Form that an employer must send to an employee and the IRS at the end of the year to report the employee’s annual wages and taxes withheld from their paycheck.

Q. W-4
Ans: A form completed by an employee to indicate his or her tax situation (exemptions, marital status, etc.) to the employer, who then withhold the corresponding amount of taxes from each paycheck.

Q. Withholding
Ans: The portion of an employee’s wages that is not included in their paycheck because it goes directly to federal, state, and local taxes.

Q. Federal Insurance Contributions Act (FICA)
Ans: A federal law that requires an employer to withhold taxes from the wages they pay their employees; the funds go toward Social Security and Medicare.

 

About Next Gen Personal Finance (NGPF)

ngpf Answers Key

Next Gen Personal Finance (NGPF) is a nonprofit organization that provides free, high-quality personal finance education to students and educators. It was founded in 2008 by Debra Schneider and Lowell Steiger. Both Schneider and Steiger have extensive backgrounds in personal finance education. Schneider spent over 20 years teaching high school math and economics, while Steiger has been working in the personal finance industry for over 30 years.

NGPF is a movement to make personal finance more accessible and user-friendly for everyone. It’s aimed at empowering people to make better financial decisions through education, tools, and community support. They also offer paid courses and community support.

Too many people struggle with their finances because they don’t have the right information or resources. NGPF is working to change that by providing easy-to-use tools and resources that anyone can access.

NGPF is a grassroots movement made up of educators, entrepreneurs, and everyday people who want to make a difference in their communities

They believe that everyone has the potential to be financially successful, and we’re working hard to make sure that everyone has access to the information they need and should have the opportunity to learn about personal finance, regardless of age, income, or education level.

There are many ways to get involved with NGPF. You can watch our free videos, read our articles, and use our tools. They also offer paid courses and community support. If you’re interested in getting more involved, please contact them.

 

Benefits Of NGPF

There are many benefits of NGPF, including:

  •  Improved financial literacy
  • Increased understanding of personal finance concepts
  • Better money management skills
  • More confidence in making financial decisions
  • Reduced stress about money
  • Improved overall financial wellbeing

The team at NGPF believes that all young people should have access to quality personal finance education. They offer educator resources, student materials, and teacher training programs to make this a reality.

 

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