Financial Institutions
offers customers checking & saving accounts that are insured by the federal government
bank
income earned when an investment (stock,house,antique,etc) is sold for MORE than it was purchased for.
capital gains
allows you to buy now and pay later
credit
a tax on a person's wages and any other sources of income, after deductions.
income tax
costs that very in amount and type,depending on the choices you make
variable expenses
offer customers loans for small amounts of money that must be repaid by the borrower's next payday
payday loan store
income earned by holding shares of stock in a company that pays shares holders when profits are earned
Dividends
a payment, made over the internet, that allows money to be taken directly from your bank account
electronic payment
a federal tax paid by businesses and investors when they sell stocks or real estate for profit
capital gains tax
an amount paid to an employee by a customer bases on how well he or she did a job
tips
non-for-profit- finiancial institutions offered to their memebers-owners who meet certain requirements.
credit union
income agreed (via legal contract usually) by a consumer and producer,this differs salary because the producer is usually not an "employee" of the consumer
Independent Contractor
a card issued by a financial institution that is pre-loaded with funds and is used like a normal credit card.
pre-paid card
a tax that takes the same percentage of income from all income groups.
proportional tax
federal insurance program workers pay into to until they retire or are no longer able to work
social security
allow customers to cash checks,send wire transfers
check-cashing store
federal law that requires workers and their employers to contribute to Social Security and Medicare
Federal Insurance Contributions Act (FICA)
an asset that maintains its value,rather than depreciating
store of value
a tax that takes larger percentage of income form high-income groups than from low-income groups
progessive tax
exchanging goods or services without using money
barter
is a financial institution that specializes in accepting savings deposits and making mortgage and other loans
saving and loans
form issued to report rents, royalties, prizes, awards, and other fixed determinable income.
form 1099-misc
anything that is used to determine value during the exchange of goods and services
medium of exchange
a tax that takes a larger percentage of income from low-income groups than from high-income groups.
regressive tax
one time payment for an entire amount due,rather than payments broken into smaller installments.
lump sum distriutions