Depository Institutions
A depository institution whose goal is to make a profit off of its users.
What is a bank?
Sum of money demanded by a government.
What are taxes?
Definition of SOFP.
What is Statement of Financial Position?
Money you have been paid.
What is income?
same as a budget.
What is a spending plan?
Both banks and credit unions provide its users with these two things.
What is security and insurance?
Taxes charged based off of earned and unearned income.
What is income tax?
Happens once per year when dealing with your SOFP.
What is creating a SOFP?
Money before taxes.
What is gross income?
Three of the five steps are devoted to this.
What is developing a spending plan?
Users must meet a membership criteria/qualifications.
What is a credit union?
Taxes on purchased goods and services.
What is sales tax?
Measure of financial wealth.
What is net worth?
Money after taxes.
What is net income?
Two types of control systems to ensure you stick to the spending plan.
What is money management system and depository institution programs?
One way to access your money.
What is phone, check, web browser, debit card, credit card, or ATM card?
Payrole tax is used for these things.
What is income for retirees, profound disability, children who lost a parent, or a widow with a child?
Monetary value of all posessions that a person owns.
What is wealth?
Income that is saved or invested.
What is savings?
You increase income and decrease expenses when this happens.
What is have a net loss?
What are the three main types of fees charged by a depository institution.
What is overdraft fee, ATM fee, and minimum balance fee?
Number of tax brackets after the 2018 Tax Reform.
What is 7?
A debt or obligation owed to others.
What is a liability?
Money that you spend.
What are expenses?
This expense typically consists of 30% of a persons budget.
What is housing?