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Checking Account
Savings Account
Stocks and Bonds
Taxes
Vocab
100
A signature card is a card that you fill out when first creating a checking account that is used for a proof of identity.
What is a signature card?
100
A savings account at a bank is a safe place to keep money you may need.
What are saving accounts good for?
100
Individuals and companies buy stocks because they expect profits when the corporation profits.
Why do individuals ad companies buy stocks?
100
The IRS defines tax as "an enforced contribution, in accordance with legislative authority in the exercise of the taxing power, and imposed and collected for the purpose of raising revenue to be used for public governmental purposes."
What is the IRS definition of tax?
100
A savings account is an account at a bank where you deposit money and earn a certain amount of interest on that money.
What is a savings account?
200
You should print your numbers clearly while writing a check so there are no misunderstandings and you don't deposit/withdraw more/less money than you need.
Why should you print your numbers clearly while writing checks?
200
Saving accounts are used for short-term investments because they pay a minimal interest rate compared to other investments.
Why are saving accounts used for short-term investments?
200
Bonds are loans that investors make to corporations and federal and local governments.
What are bonds?
200
Taxable income is the difference between the total income of a taxpayer and the deductions allowed to that taxpayer.
What is a taxable income?
200
A written order to your bank is a check.
What is a check?
300
You shouldn't change the way you sign your name when writing checks.
What shouldn't you change while writing checks?
300
When you are opening a savings account, you are issued a passbook where you record deposits and withdraws.
When you are opening a savings account what are you given to record deposits and withdraws?
300
Sole proprietorships are when only one person shares the profits or losses.
What is a sole proprietorship?
300
The Social Security system isn't a funded system.
What is the difference of the Social Security system?
300
A deposit is when you add money to your bank accounts.
What is a deposit?
400
Checks are better than cash because they are safer, can build up good credit, and can verify what you have written.
What are three ways that checks are better than cash?
400
When you put your money into a savings account, it will earn interest.
What happens when you put your money into a savings account?
400
Common stocks offer no financial guarantees but over time, they usually produce better than other investments.
What is a benefit of common stocks?
400
A property tax is a tax on the value of a property owned by taxpayers.
What is a property tax?
400
A check register is a place where you can keep track of your checkbook transactions.
What is a check register?
500
Your financial institution usually sends you a statement every month which will list all of the transactions the bank received from your account.
What does your financial institution usually send you monthly?
500
Specialized savings accounts usually pay higher interest rates.
Do specialized savings accounts usually pay higher or lower interest rates?
500
0Usually corporations use bonds to raise capital to pay for thing like new buildings and equipment.
What do corporations use bonds for?
500
On an annual basis, income taxes are determined.
How often are income taxes determined?
500
IRS stands for Internal Revenue Service.
What does IRS stand for?