Terms
Who is the borrower?
Someone who is borrowing money with a plan to pay it back
What is tax?
A financial percentage taken by the state or government.
Net income is ___ amount of money you earn.
Total.
Who is the local government?
The government in a city, town, or country.
Is a debit card ____ by the bank?
What is interest?
Money paid by a borrower in exchange for using a lender's money for a certain period of time
What definition is this? Money removed from a savings or checking account
Withdrawal
What is a savings account?
a bank account that allows a customer to deposit and withdraw money and earn interest from the bank
Manual work done for money.
Labor.
What is income tax?
A yearly federal tax on a person's earnings.
Who is the consumer?
What are financial records?
Written or typed documents that people keep regarding purchases, deposits, transfers, etc.
What is the total amount of money a worker earns BEFORE taxes and other deductions are withheld?
Gross Income
Who does property tax help?
Local needs such as schools, firefighters, etc.
What is scarcity?
When products are in very small supply and they are difficult to find and be purchase.
Where is the Federal Govenment located?
The United States government headquartered in Washington, D.C.
What is wrong in this sentence?
Is a balanced budget an managed plan for money in which the total income equals the total taxes for the past month?
An organized plan for money in which the total income equals the total expenses for a given period of time.
Finish the sentence.
Electronic payment is a payment, made over the ____ that allows money to be taken ___ from a consumer's bank account
Internet, Directly.
What is a Ledger?
A table used to record income expenses