Taxes
Credit
Accounts & Investment
Personal Budget
Miscellaneous
100

A tax on wages or salary (amount earned) paid to both state (in MA) and federal governments.

What is income tax?

100
The charge for the privilege of borrowing money, typically expressed as a percentage rate.
What is interest?
100
These two types of accounts, maintained by commercial banks and credit unions, may or may not have associated fees, pay interest, or require minimum balances. Deposits and withdrawals are made directly from such accounts, often via bank tellers and ATMs.
What are checking and savings accounts?
100
A personal budget should account for these two line items.
What is income (revenue) and expenditure (expenses)?
100
A United States federal tax form issued by employers stating how much an employee was paid in a year. It is submitted to the IRS along with your tax return.
What is a W-2?
200
This tax applies the same tax rate across low-, middle- and high-income taxpayers.
What is a flat (or proportional) tax?
200

This interest rate, which factors in borrowing fees, must be divulged by lenders so that you may more easily compare rates.

What is an annual percentage rate (APR)?

200
Low-risk investments generally yield a low rate of return. The converse of the above rule states this.
What is the greater the risk, the greater the reward (and the greater the chance of loss)?
200
This is the income received prior to taxes and deductions.
What is gross pay?
200

Currently, it amounts to $15/hr, though efforts are being made to raise it each year

What is the (federal) minimum wage?

300
A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals. In the U.S., federal income tax rates range from 10% to 35%.
What is a progressive tax?
300
A record (accompanied by a rating) of a consumer's ability to repay debts and demonstrated responsibility in repaying debts.
What is credit history (or credit report)?
300
The term that denotes the amount borrowed or the amount still owed on a loan, OR the original amount invested.
What is principal?
300
This is income after taxes and deductions.
What is net pay?
300
This tax withholding form is completed at the time of employment so that your employer can withhold the correct federal income tax from your pay. Tax deductions or allowances are made for children and other dependents.
What is a W-4?
400

A tax that takes a larger percentage from low-income people than from high-income people. Though a tax that is generally applied uniformly, it hits lower-income individuals harder.

What is a regressive tax?

400
Something pledged as security for repayment of a loan (e.g. a house or car), to be forfeited in the event of a default.
What is collateral?
400
Interest calculated on the initial amount deposited or loaned and also on the accumulated interest of previous periods of a deposit or loan. It can be thought of as “interest on interest,” and will make a deposit or loan grow at a faster rate than simple interest.
What is compound(ed) interest?
400
These types of expenses remain unchanged from period to period. Examples include mortgage or rent, insurance, and, often, utilities.
What are fixed expenses?
400

This is maintained, either electronically or by hand, to account for deposits, withdrawals and other line items.

What is a bank statement?

500
The Federal Income Contributions Act (FICA) requires that you pay these two "payroll taxes" (for retirement and healthcare)
What are Social Security and Medicare taxes?
500
In general, the longer the term of the loan, the higher this is.
What is the interest rate?
500

What is the difference between a mutual fund and a bond?

Bonds are issued by the government and corporations when they want to raise money...A mutual fund is an investment fund that pools money from many investors to purchase securities. It is managed by a professional fund manager

500
These types of expenses fluctuate or change from period to period. Examples include personal entertainment or travel costs, and other discretionary items.
What are variable expenses?
500
This insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
What is FDIC (Federal Deposit Insurance Corporation) insurance?
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