Banking
Place to take out loans
What is a Bank?
Government collecting money from people
What are taxes
Putting money into something to get a higher return
What is an investment
Banks use this to determine how trustworthy you are
Credit Report Score
Protects you financially if something bad happens
Insurance
Card that extracts money directly from your account
What is a Debit card
Controls and Collects Taxes
What is the treasury department
Should only be done if you can lose all of the money and still have enough money to live
What is investing?
Equifax, TransUnion, Experian
What are Credit Reporting Agencies
Amount of money you pay out of pocket for medical services
What is Health Insurance Copay
Method banks use to make money
What is interest?
What is the range of incomes taxed at different rates?
Tax Brackets
Place you buy stocks
Stock Market
Gives a better credit score
Good grades, paying off debts in a timely manner, etc
An agreement that you will pay for the damages caused to the other party in a car accident if you caused it
Card that you pay back every month with interest
What is a Credit Card?
What is the tax that increases as your income increases
Graduated Income tax
Taxes when you take out money from your savings account
What is an IRA
Negatively affects credit report score
Amount you must pay in order to get insured
Insurance deductable
Reserve Requirment
What is the minimum of money a bank must have
Most expensive tax
What is the Social Security Tax
Taxes when you put in money into your savings account
What is a Roth IRA?
Increases as credit score goes down
Interest Rate
A last resort insurance in california
FAIR Plan