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Business - Ch 7

Saving

TermDefinition
Interest A reward given by a financial institution for saving money with them.
Balance The amount of money in an account at a given time.
Simple Interest Calculated as a percentage of the original amount put into the savings account.
Compound Interest Calculated as a percentage of the total amount in the account at the end of each year.
AER The compound interest rate.
Fixed Interest Rates Remain the same for a set period of time.
Variable Interest Rates Can fall or rise.
DIRT A government tax on interest earned from a financial institution.
Savings The part of a person's income they do not spend.
Investing A long-term financial commitment.
Deposit Account Allow customers to save their money; rewards them with interest.
Share Account Receives a share of the profit.
Created by: leahddoherty
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