Unit 7 - Personal Finance Literacy
Terms in this set (26)
A practice by which a company provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment.
Amount you must pay before you begin receiving any benefits from your insurance company
A personal savings plan; contributions are not tax-deductible; earnings are tax-free
An IRA (Individual Retirement Account) for which you can deduct your contribution each year from your taxable income
The actual cost of a good or service, in regards to charges on a credit card.
The amount or percentage paid for borrowing money
A plan for making and spending money
Tax paid to the state, federal, and local governments based on income earned over the past year.
Certificate of Deposit (CD)
a certificate issued by a bank to a person depositing money for a specified length of time.
Monthly costs, in reference to budgeting, that do not change
Monthly costs, in reference to budgeting, that do change.
the maximum amount of money that a credit card issuer will allow you to charge
A certificate issued by a government or private company which promises to pay back with interest the money borrowed from the buyer of the certificate.
earnings from a company that are distributed to stockholders
selling the stock for more than you bought it for
Federal Trade Commission (FTC)
An agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling
Allowances and Withholdings
The amount of money withheld from your paycheck to put towards paying for your yearly state and federal income taxes.
An expense, such as a charitable contribution, that can be deducted from one's taxable income
a variable amount (depending on the type of tax credit) that taxpayers may subtract from the total amount of their taxable income
an initial payment made when something is bought on credit (like a house or car).
fees involved when buying a house when arranging for a mortgage or in transferring ownership of property
An account that rolls together the mortgage, insurance and property tax costs into one monthly bill for the homeowner.
A house loan/payment
The renting of a car, while the dealership maintains ownership. Option to purchase later.
To buy an item with credit; paying over time
Annual Percentage Rate (APR)
Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan.
OTHER SETS BY THIS CREATOR
Unit 1 - Exploration and Colonial America
Units 8-10: Economics
Unit 6 - State and Local Government
Supreme Court Cases
THIS SET IS OFTEN IN FOLDERS WITH...
Unit 1 - Citizenship and Foundations of US Govt
Unit 2 - The Constitution
Unit 4 - American Legal System