Final Unit 2 Flashcards
bills that include heat, electricity, water, sewer, and intenet
utilities
50% of your money goes to
needs
30% of your money goes to
wants
20% of your money goes to
savings
pay that is divided into equal payments over a year
salary
a federal program in the U.S. that provides retirement benefits and disability income to qualified people and their spouses, children, and survivors
social security
an asset is easily turned into cash
liquid
an addition to any bank account
credit
a withdrawal from a bank account
debit
an account used for handling ills and day to day money needs
checking account
a basic bank account, a low interest rate is offered
savings account
a not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products.
credit union
Extra amount of money that you earn by depositing your money in a bank
yield
anything you own
assets
utilities, rent, and car payments are all different types of
expenses
the agency responsible for collecting income tax on behalf of the federal government
IRS
buying low and selling high
capital gain
a tax that takes a higher percentage of your income as you make more money
progressive tax
type of tax that takes a higher percentage of people’s income as they make less money
regressive tax
a tax company that takes the same percentage out of everyone’s income
flat/proportional tax
the amount of tax payable per dollar of the assessed value of a property
property tax “mills”
standard federal return form, young people who do not have major deductions can use this
1040
This is the form you have to fill in when you get a job and decide on how much withholding tax you want to pay
W4
the form that each of your employer’s will send you sometime in January.
W2
proof of income for freelance workers
1099
an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system
FDIC
low-risk way to help you grow your business savings
CD- Certificate of Deposit
government pension that benefits retirees
SSI- supplemental security income
what a bank pays a depositor for the use of their money
interest
a situation where a person actively searches for employment but is unable to find work
unemployment
different types of income
salary, wage, royalties, dividend
