Depository Institutions and The basics of taxes
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Automated teller machine (ATM) | A machine that allows individuals to complete certain transactions from the machine without human assistance
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| Checking account | An account that allows quick access to funds for transactions
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| Commercial Bank | For-profit depository business that offers financial services to both consumers and other buisnesses
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| 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
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| Credit Union | Depository institutions that offer many banking services and are owned by their customers
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| Debit Card | A plastic card that is electronically connected to the cardholder's depository institution account
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| Depository institution | Businesses that provide financial services
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| Intrest | The price paid for using someone else's money
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| Interest rate | The percentage rate used to calculate intrest
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| Mobile banking | Apps that many depository institutions have developed that allow online banking access from devices such as smartphones, tablets, and other mobile devices
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| 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
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| Savings account | An account at a depository institution that is designed to hold money not spent on current consumption
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| Savings tool | Accounts offered by depository institution whose main purpose is to help people manage their money
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| Community | A group of people with common interests and concern for the common good
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| Earned income | Money earned from working pay
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| 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
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| Income tax | A tax on earned and unearned income
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| Payroll tax | A tax on earned income
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| Property tax | A tax on property, such as land, buildings (including homes), and automobiles
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| Sales tax | A tax on purchased goods and services
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| Taxes | A sum of money demanded by government to support the government itself as well as specific facilities or services
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| Taxpayer | A person who pays a tax to national, state, county or municipal government
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| Unearned income | income received from sources other than employment
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