Banking & Financial Institutions
This type of account allows you to withdraw money anytime.
What is a checking account?
This tax is charged when you purchase goods or services.
What is sales tax?
A legal agreement between two or more parties.
What is a contract?
Insurance exists mainly to do this.
What is protect against financial loss?
A document that transfers property after someone dies.
What is a will?
This member-owned institution often offers better interest rates than banks.
What is a credit union?
This tax system requires higher earners to pay a higher percentage of income.
What is a progressive tax?
This contract element means both parties agree to the terms.
What is acceptance?
The monthly payment you make for insurance coverage.
What is a premium?
The process an estate goes through if someone dies without a will.
What is probate?
This government agency insures bank deposits.
What is the FDIC?
This form shows the wages earned from an employer during the year.
What is a W-2?
This type of contract may sometimes still be legally valid even if spoken instead of written.
What is an oral contract?
The amount you pay before insurance begins covering a loss.
What is a deductible?
This person named in a will cares for dependent children.
Who is a guardian?
This financial product requires money to stay in the account for a set period of time.
What is a certificate of deposit (CD)?
This federal agency collects income taxes.
What is the IRS?
The exchange of something valuable in a contract is called this.
What is consideration?
This type of risk involves responsibility for harming someone else.
What is liability risk?
The person responsible for carrying out the instructions in a will.
Who is the executor?
The four things to consider when choosing a bank are.
Products, Price, Place, and People
This term describes a review of a person’s tax return by the government.
What is an audit?
This phrase describes both parties understanding and agreeing to the contract.
What is a acceptance?
Choosing a higher deductible usually causes this to happen to your premium.
What is the premium decreases?
This document explains a person’s medical treatment wishes if they cannot speak for themselves.
What is a living will?