Question | Answer |
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 |