Saving Accounts
Most basic account to begin saving money.
A regular savings account
A record of a person’s financial institutions.
Credit report
Required payments to a goverment.
Taxes
What is a budget
A record of income and spending and a plan for managing money
The money you earn for keeping funds in your account.
Savings account
A standardized measurement of the potential to a repay a debt.
A credit score
What are some examples of a financial institution (Is a business that offers money-related services.)
Credit unions and banks
A portion of one’s personal income paid to a government
Income tax
The next best alternative given when making a financial choice.
Opportunity cost
True or False: Only people 18 years or older can have a savings account.
True
A wireless service that allows financial transactions by using an app or Web browser from a mobile device.
Mobile Banking
What are property taxes based on?
A property’s value (It includes homes, cars, commercial buildings, and factories)
The economic condition of limited resources that prevents people from having everything they want.
Scarcity
What amount of money do you need to open a savings account
$25-$100
A fee received or paid for the use of money
Interests
True/false: Do savings offer low interest
True
A non-for-profit cooperative that offers bank services and is owned by its members
Credit union
In the U.S. income is taxed on a graduated scale. What does this mean?
It means that people who make more money generally pay a larger amount of taxes than people who make less money.