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Obj 2.01&2.02 PF2014

Depository Institutions and The basics of taxes

TermDefinition
Automated teller machine (ATM) A machine that allows individuals to complete certain transactions from the machine without human assistance
Checking account An account that allows quick access to funds for transactions
Commercial Bank For-profit depository business that offers financial services to both consumers and other buisnesses
Contactless payment Payment transactions that can be completed with no physical connection between the payment device and the physical point of sale (POS) terminal or store clerk
Credit Union Depository institutions that offer many banking services and are owned by their customers
Debit Card A plastic card that is electronically connected to the cardholder's depository institution account
Depository institution Businesses that provide financial services
Intrest The price paid for using someone else's money
Interest rate The percentage rate used to calculate intrest
Mobile banking Apps that many depository institutions have developed that allow online banking access from devices such as smartphones, tablets, and other mobile devices
Online banking Allows customers to complete certain transactions from a secured internet site by using a username and password from any place in the world with internet acess
Savings account An account at a depository institution that is designed to hold money not spent on current consumption
Savings tool Accounts offered by depository institution whose main purpose is to help people manage their money
Community A group of people with common interests and concern for the common good
Earned income Money earned from working pay
Excise tax Taxes collected from the seller or retailer and as such often remain "hidden" in the price of a product or service, rather than being listed separately
Income tax A tax on earned and unearned income
Payroll tax A tax on earned income
Property tax A tax on property, such as land, buildings (including homes), and automobiles
Sales tax A tax on purchased goods and services
Taxes A sum of money demanded by government to support the government itself as well as specific facilities or services
Taxpayer A person who pays a tax to national, state, county or municipal government
Unearned income income received from sources other than employment
Created by: trippjo41