Banks and Credit Unions
What is a bank?
Stores money and gains profit from members
What is the tax that is put on goods and services by the government?
Sales Tax
What is a savings account?
An account that gains interest on deposited money, usually requiring a minimum deposit amount
What are the easiest expenses to adjust?
Flexible/Variable Expenses
What is a credit union?
Stores money without gaining a profit from its members
What indirect tax is put on specific goods, services, and activities?
Excise Tax
What is a checking account?
An account that gains no interest and has no minimum deposit amount
Examples of this expense include mortgage/rent, insurance, and vehicle registration
Fixed Expenses
What is the FDIC?
Insures bank deposits
What tax is put on businesses and individuals, that is managed by the IRS?
Income Tax
What is a money market account?
An account that gains interest while also having the benefits of checking accounts
How do you keep track of your expenses and income?
Receipts, notebooks, checkbooks, and apps.
What is NCUA?
Insures credit union deposits
What tax is paid on property owned?
Property Tax
What is a CDs account?
an account that requires the money to be withheld for a specific time period, typically at least 6 months
What is all on an income and expense statement?
Earned Income, Unearned Income, and Expenses
Which are for-profit, banks or credit unions?
Banks
What tax includes medicare and social security?
Payroll tax
What is a bank/credit union account?
an account that is made to hold money, offering different types of deposits that include, checking, savings, CDs, and money market accounts.
What are examples of unearned income?
Interest, Dividends, child support, and unemployment