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Obj 2.01&2.02 PF2014
Depository Institutions and The basics of taxes
| Term | Definition |
|---|---|
| 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
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