Banking
A request for your bank to pay another party from funds in your account.
What is a check?
This consists of the shares of which ownership of a corporation or company is divided.
What is stock?
A tax on wages or salary paid to both state and federal governments.
What is income tax?
At a basic level a budget should account for these 2 line items.
What is revenue and expenses?
Currently, it amounts to $7.25/hr, though efforts are being made to raise it to $15/hr.
What is the federal minimum wage?
An item a lender can seize from a borrower if they fail to repay a loan.
What is collateral?
One of the equal parts into which a company's capital is divided, giving the holder a proportion of the profits or losses.
What is a share?
A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals.
What is progressive tax?
This is the income received prior to taxes and deductions.
What is gross pay/income?
Calculate this by taking the total amount of money and assets you have and subtracting the total amount of money you owe.
What is net worth?
The FDIC insures this much money per depositor, per insured bank, for each account ownership category.
What is $250,000
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 checkings and savings accounts?
A tax that takes a larger percentage from low-income people than from high-income people.
What is a regressive tax?
This is income after taxes and deductions.
What is net pay/income?
This is maintained to account for deposits, withdrawals and other line items.
What is a bank statement?
This happens when you write checks for more money than is in your account.
What is an overdraft?
This "rule" is a simple, and relatively accurate way, to calculate the amount of time it will take to double the value of an investment at a specified rate of return.
What is the rule of 72?
This tax applies the same tax rate across low-, middle- and high-income taxpayers.
What is a flat/proportional tax?
These types of expenses remain unchanged from period to period.
What are fixed expenses?
As you pay off your mortgage you build this.
What is equity?
This should be done monthly to guarantee correct record keeping.
What is bank reconciliation?
Interest calculated on the initial amount deposited or loaned and also on the accumulated interest of previous periods of a deposit or loan.
What is compound interest?
The Federal Income Contributions Act (FICA) requires that you pay this "payroll tax" (for retirement)
What is Social Security?
These types of expenses fluctuate or change from period to period.
What are variable expenses?
A United States federal tax form issued by employers stating how much an employee was paid in a year.
What is a W-2?