Personal Finance
Terms
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- Ability
- A principle of taxation. Individuals who earn more income pay more tax, not because they use more government goods and services but because taxpayers who earn more have the ability to pay more. The progressive tax, or higher tax rates for people with higher incomes, is based on this principle.
- Cancelled Check
- A check that has already withdrwn fundson the designated account.
- Interest
- A fixed charge for borrowing money.
- Bank Statement
- Gives you a detainled review in the activity in your account over a specific period of time.
- Blank Endorsements
- An endorsement on commercial paper naming no payee and so payable to the bearer.
- Individual Retirement Account
- An investment account in which a person can set aside income up to specified amount each year and usually deduct the contributions from taxable income, with the contributions and interest being taxed-defferd until retirment.
- Cash Loan
- A loan given to you in cash.
- Tax Refund
- taxes taken from your checks and returned sometime in April when you file your taxes.
- Certified Check
- A personal check for which a bank has guaranteed payment.
- Deductible
- The amount of a loss you must pay out of your own pocket before the insurance company will step in and pay the rest.
- Accounting
- a system that provides quantitative information about finances
- W-4 Form
- An employee's withholding allowance certificate IRS form that determines how much federal withholding taxes will be deducted from an employee's pay check
- Credit Rating
- Measure of a person's ability and willingness to make credit payments on time
- Creditor
- An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.
- Credit Bureau
- A private firm that maintains consumer credit data files and provides credit information to authorized users for a fee
- Grace Period
- Period for which no interest charges occrue if balance is paid in full by due date.
- Revolving Charge Account
- A charge account that does not have to be paid to zero balance.
- Finance Charges
- Total amount of interest paid over life of loan. Depends upon loan's term and interest rate.
- W-2 Form
- A standard US federal tax form showing the wages paid to an employee and the taxes withheld during a calendar year.
- Attitude
- Why the hell is this on here now i got a mothafreikin attitude thats what the hell a attitude iz.
- Cashiers Check
- A check that a bank draws on its own funds.
- Annual Percentage Rate
- Shows how much credit costs you on a yearly basis, expressed as a percentage.
- Automated Teller Machine
- An unattended machine (outside some banks) that dispenses money when a personal coded card is used.
- Credit
- Form of loans.
- Certificate of Deposit
- contract where you agree to keep a certain amount of money on deposit for an agreed upon length of time
- Simple interest
- Interest paid on the "principal" or the amount originally borrowed, and not on the interest owed on the loan.
- Money Order
- An instrument that orders a sum of money to be paid to someone else.
- Travelers Check
- Special forms designed for making payments when away from home.
- Bankruptcy
- A legal process intended to insure equality among the creditors of a corporation declared in bankruptcy.
- Cosigner
- A signer in addition to the principal signer (to verify the authenticity of the principal signature or to provide surety)