credit/debt
what is a charge for paying your bill late
Late Fee
What is a budget?
a financial plan for a defined period of time
consumption tax
extra money consumers have to pay the things they buy.
how do you revive your monthly bank statement
through regular mail or internet
what does the bank pay you
Interest
what is a minimum payment?
the smallest payment you are allowed to make toward the balance due on your statement.
what do people use W-2 forms for?
used to show the amount of income you've earned and the amount of taxes you withheld from your paycheck
the tax on wages, salaries and self employment earning is called.
income tax
an original amount of money deposited
Principal
what is the purpose of having a bank account
to make sure that your money is insured
the amount of Money that still needs to be payed on a loan
balance
what are fixed expenses?
expenses that stay the same month after month.
the date that all taxes are due each year
April 15 at midnight
an amount of money set aside as financial safety net for future mishaps or unexpected expenses
Emergency Fund
people who don't have banking accounts
unbaked
Equifax, Trans-union, and Experian are the three major credit reporting bureaus.
TRUE
this form allows the employer to withhold federal income taxes from an employee's wages.
W-4 Form
a portion of your gross income used to calculate the amount of tax you owe in each year
taxable income
A bank account that earns interest
Savings account
a non profit organization that offers financial services
A credit Union
when you use a debit card, you are giving you bank permission to immediately remove money from your checking account. true or false
a summery that shows total income and spending for a given time period.
cash flow statement
Tax exemption
A deduction from the adjusted gross income for the taxpayer.
A bank account that has higher interest rates and less withdraws.
Money Market Account
what should you look for when choosing a bank
-interest rate compared to other banks
- how much their annual fees are
- Location
- ATM'S