Taxes
A tax rate that increases as income increases.
What is a progressive tax?
Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
What is interest?
A business where people deposit and withdraw their money and borrow money.
What is a bank or credit union?
Term that applies to the ability to buy something now and pay for it later over a period of time (usually with having to pay a finance charge and/or the addition of interest).
What is credit?
Allows a person or business to pay a relatively small amount of money in the present to purchase protection against the possibility of a future financial loss caused by an unforeseen event.
What is insurance?
Monetary deposits secured for a later, undetermined use.
Waht are savings?
This type of interest "creates a mathematical explosion," and it can make you wealthy over time, or keep you in debt for a long time.
What is compound interest?
A savings certificate issued by a bank to a person depositing money for a specific length of time.
What is a certificate of deposit?
One of the 3 C's of credit that shows a person's willingness to pay is
What is character?
The amount of money the insured must pay when a claim is filed with the insurance company.
What is a deductible?
A tax rate that decreases as income increases.
What is a regressive tax?
This type of interest rate is generally considered to be riskier.
What is variable interest?
A financial plan that defines expenses for a period of time.
What is a budget?
One of the 3 C's of credit that refers to property that secures the loan is
What is collateral?
An amount to be paid for an insurance policy.
What is a premium?
Is a tax system where the same percentage of tax is levied on all taxpayers, regardless of their income.
What is aproportional tax?
Cost of credit expressed as a yearly percentage
What is APR?
Is a non-profit institution owned by its members and provides financial services to its members.
What is a credit union?
One of the 3 C's of credit that shows one's ability to pay is.
What is capacity?
Provides payments for both liability and property insurance on a vehicle
What is automobile insurance?
The state government and the federal government
Who primarily uses our tax money?
An interest rate that remains the same throughout the duration of the loan contract is known as this.
What is a fixed interest rate?
The borrower gives the lender his/her automobile title in exchange for a set amount of cash.
What is a title loan?
A number based on information in a consumer’s credit report that measures an individual's credit worthiness.
What is a credit score?
Someone who receives money if an insured person dies
Who is a beneficiary?