Taxes
Credit
Accounts & Investment
Personal Budget
Potpourri
100

A tax on wages or salary (amount earned) paid to both state (in MA) and federal governments.

What is income tax?

100

The charge for the privilege of borrowing money, typically expressed as a percentage rate.

What is interest?

100

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 checking and savings accounts?

100
A personal budget should account for these two line items.
What is income (revenue) and expenditure (expenses)?
100
A United States federal tax form issued by employers stating how much an employee was paid in a year. It is submitted to the IRS along with your tax return.
What is a W-2?
200

This tax applies the same tax rate across low-, middle- and high-income taxpayers.

What is a flat (or proportional) tax?

200

This interest rate, which factors in borrowing fees, must be divulged by lenders so that you may more easily compare rates.

What is an annual percentage rate (APR)?

200

Low-risk investments generally yield a low rate of return. The converse of the above rule states this.

What is the greater the risk, the greater the reward (and the greater the chance of loss)?

200
This is the income received prior to taxes and deductions.
What is gross pay?
200
Currently, it amounts to $7.25/hr, though efforts are being made by the Obama Administration to raise it to approximately $10/hr.
What is the (federal) minimum wage?
300

A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals. In the U.S., federal income tax rates range from 10% to 35%.

What is a progressive tax?

300

A record (accompanied by a rating) of a consumer's ability to repay debts and demonstrated responsibility in repaying debts.

What is credit history (or credit report)?

300
The term that denotes the amount borrowed or the amount still owed on a loan, OR the original amount invested.
What is principal?
300
This is income after taxes and deductions.
What is net pay?
300
This tax withholding form is completed at the time of employment so that your employer can withhold the correct federal income tax from your pay. Tax deductions or allowances are made for children and other dependents.
What is a W-4?
400

A tax that takes a larger percentage from low-income people than from high-income people. Though a tax that is generally applied uniformly, it hits lower-income individuals harder.

What is a regressive tax?

400

Something pledged as security for repayment of a loan (e.g. a house or car), to be forfeited in the event of a default.

What is collateral?

400

The S&P 500 Measures this.

What is the 500 largest companies on the NYSE, NASDAQ, and BXSE?

400
These types of expenses remain unchanged from period to period. Examples include mortgage or rent, insurance, and, often, utilities.
What are fixed expenses?
400
This is maintained, either electronically or by hand, to account for deposits, withdrawals and other line items.
What is a bank register (or statement)?
500

The Federal Income Contributions Act (FICA) requires that you pay these two "payroll taxes" (for retirement and healthcare)

What are Social Security and Medicare taxes?

500

In general, the longer the term of the loan, the higher this is.

What is the interest rate?

500

This is money that a finance institution owes to an investor.

What is a bond

500
These types of expenses fluctuate or change from period to period. Examples include personal entertainment or travel costs, and other discretionary items.
What are variable expenses?
500
This insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
What is FDIC (Federal Deposit Insurance Corporation) insurance?
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