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Unit 2.00

Managing Your Money

QuestionAnswer
The price paid for using someone else's money Interest
Savings tool offered by depository institutions may earn interest. Which of the following statements is not true about earning interest? When earning interest, look for low rates.
A sum of money demanded by a government to support the government itself as well as specific facilities or services Taxes
To increase his net worth, Jackson could? Increase his assets
Key difference between commercial banks and credit unions? Commercial banks are "For Profit" and credit unions are "Not For Profit"
An account at a depository institution that is designed to hold money not spent on current consumption Savings Account
Apps that many depository institutions have developed that allow online banking access from devices such as a smartphone Mobile Banking
Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called? Excise
Who is Medicare designed to help? Senior Citizens
Income received from sources other than employment Unearned Income
A person who pays a tax to national,state, county, or municipal governments Taxpayer
Money spent is referred to as... Expense
Expense is greater than income Net Loss
A payment,usually monthly, applied to the balance of a home loan used when purchasing a house Mortgage
An individual's income earned as salary or wages before taxes and other deductions Gross Income
income and expense statement referred to as a budget spending plan
non contractual expenses gasoline, food and entertainment
do not include on an income and expense statement taxes she paid last year
to increase net worth increase his assets
calculate her net worth assets minus liabilities
Created by: thealicialauren