Banking
What is the term for the amount of money held in a bank account?
Balance
What type of credit involves borrowing a fixed amount of money to be repaid over a specified period?
Installment Credit
What is the term for money spent on goods and services?
Expenditure
What is the term for the percentage of income paid to the government?
Income tax
is the term for a plan that outlines expected income and expenses?
Budget
What is the name of the fee charged by a bank for maintaining a checking account?
Maintenace Fee
What is the term for a credit card that allows you to borrow up to a certain limit and repay it over time?
Revolving Credit
What is the term for money saved for future use?
Savings
What is the tax called that is added to the price of goods and services?
Sales Tax
What is the term for the amount of money left over after all expenses are paid?
Surplus
What is the term for the interest rate charged on borrowed money?
Annual Percentage Rate (APR)
What is a common type of secured credit used to purchase a home?
Mortgage
What is the term for investing money in stocks, bonds, or other financial instruments?
Investment
Question: What is the term for the tax imposed on the value of a person's estate at the time of their death?
Estate Tax
What is the term for the amount of money by which expenses exceed income?
Deficit
What is the difference between a savings account and a checking account?
A savings account is designed primarily for saving money and earning interest over time. It usually has limited withdrawal options. A checking account, on the other hand, is intended for daily transactions like paying bills, making purchases, and withdrawing cash.
What is a secured credit card?
A secured credit card is a type of credit card that requires a cash deposit as collateral
What is the purpose of a budget?
The purpose of a budget is to create a plan for how you will spend your money
What is a tax deduction?
A tax deduction is an expense that you can subtract from your gross income to reduce your taxable income.
What is the 50/30/20 rule in budgeting?
The 50/30/20 rule is a simple budgeting method that allocates your after-tax income into three categories: 50% for needs, 30% for wants, and 20% for savings and debt repayment.