money
what is BARGAIN
something that is bought for a cheap price
what is Fixed expenses
expenses that do not change
Compound Interest
Interest paid on interest previously earned; credited daily, monthly, quarterly or semiannually
what is the federal reserve?
1. National Bank
2. loan money
3. stores tax money
Social Security
government program of social benefits and pensions
what is MORTGAGE
A loan to purchase a home or other real estate
what is Variable expenses
expenses that change from month to month
Emergency Fund
Five hundred dollars in readily available cash to be used only in the event of an emergency.
Federal reserve is made of 3 major parts
1. board of governor
2. reserve bank
3. the federal open market committee
state tax
Tax charged at the state level
what is EXCHANGE RATE
the price at which the currency of one country can buy the currency of another country
Net pay
amount of money you bring home after taxes/deductions
Sinking fund
Saving money over time for a large purchase
What is monetary policy?
the actions the federal reserve take to influence the economy
tax
money that people pay to their government in return for services
what is INCOME
money that is earned from doing work or received from investments
Federal Income Taxes
Taxes paid to the federal government out of your paycheck.
What are the three reasons to save money?
Emergencies, Purchases, Wealth Building
N.A. stands for
nationally affiliated
Federal Budget
a plan for the federal government's revenues and spending for the coming year
what is GRANT
an amount of money given especially by the government to a person or organization for a special purpose:
Credit Limit
The maximum amount that may be borrowed on a credit card
What is the formula for a sinking fund?
Total cost divided by number of months until you make the purchse
what is the acronym FOMC?
Federal Open Market
federal tax
Government income generated from taxes