taxes
This is the name for the amount of money a single person can earn without owing taxes.
standard deduction
do you have a set time to pay them off ?
Yes
is it good to have a high credit score or low?
High
what is a secured loan?
A loan that is backed up by collateral.
can you put a down payment on a car?
Yes
Our income tax system is based on this principle, where citizens are expected to file their own returns.
voluntary compliance
The original amount of money borrowed on a loan.
Principal
what is your credit score ?
Numberical way to show your creditworthieness.
What is the debt snowball method?
A method of paying off debt where you pay off the smallest balances first.
what is 20%?
percentage is typically required down to avoid paying Private Mortgage Insurance.
This is a tax in which the average tax rate increases as the taxable amount increases.
progressive tax
Money people owe to banks or stores for goods they have purchased.
consumer debt.
What is a credit limit?
The maximum amount of goods and services a person can place on one's line of credit.
What is a mortgage?
An installment debt owed on houses, buildings, or land.
what is a down payment?
upfront payment you pay usually each month to pay off a bigger cost.
Willful failure to pay taxes is known as this
Tax evasion
A penalty for making a payment after the due date
Late fee
what is a Due date ?
A time a financial obligation must be repaid.
What is a cosigner?
Someone who legally agrees to take responsibility for another person's debt if they do not repay it.
What is Private Mortgage Insurance.
This insurance required by lenders when the down payment is less than 20%.
The IRS uses this term to describe an examination of your tax return.
Audit
A legal process that gives a debtor protection from creditors.
Bankruptcy
what is a credit score?
What is increased interest payments/staying in debt longer?
The result of only paying the minimum payment on a credit card.
what is 0%?
The minimum down payment required for a VA loan or USDA loan.