Bf05: Objective 2.00 Flashcards

A machine that allows individuals to complete certain transactions from the machine without human assistance

An account that allows quick access to funds for transactions

For-profit depository businesses that offer financial services to both consumers and other businesses

Payment transactions that can be completed with no physical connection between the payment device and the physical point of sale (POS) terminal or store clerk

Depository institutions that offer many banking services and are owned by their customers

A plastic card that is electronically connected to the cardholder's depository institution account

Businesses that provide financial services

The price paid for using someone else's money

The percentage rate used to calculate interest

Apps that many depository institutions have developed that allow online banking access from devices such as smartphones tablets and other mobile devices

Allows customers to complete certain transactions from a secured Internet site by using a username and password from any place in the world with Internet access

An account at a depository institution that is designed to hold money not spent on current consumption

Accounts offered by depository institutions whose main purpose is to help people manage their money

A group of people with common interests and concern for the common good

Money earned from working for pay

Taxes collected from the seller or retailer and as such often remain "hidden" in the price of a product or service rather than being listed separately

A tax on earned and unearned income

A tax on earned income

a tax on property such as land buildings (including homes) and automobiles

A tax on purchased goods and services

A sum of money demanded by a government to support the government itself as well as specific facilities or services

A person who pays a tax to national state county or municipal governments

Income received from sources other than employment

Items of monetary value a person or household owns

Money spent

Money received

Financial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the future

A debt or obligation owed to others

The amount you could realistically sell an asset for today

Assets that can be quickly and easily converted into cash

A measure of financial wealth and indicates the monetary value of all possessions that a person or household owns minus the total amounts owed to others

A financial statement that describes an individual or family's financial condition on a specified date by showing assets liabilities and net worth

Personal property that was purchased to create a lifestyle or improve your life

A measurement of how much a person or household owns once all debts have been paid

An individual's income earned as salary or wages before taxes and other deductions

Lists and summarizes income and expense transactions that have taken place over a specific period of time usually a month or year

A product that transfers risk from an individual to an insurance company or organization

A payment usually monthly applied to the balance of a home loan used when purchasing housing

When income is greater than expenses

Take home pay

When expenses are greater than income

The portion of current income not spent on consumption