Unit 5A Vocab - Economics

Non-profit cooperative that accepts deposits, makes loans, & does other financial services; MUST be a member!

Loan financing the purchase and/or maintenance of property, land, or other types of properties

Dollar amount of expenses that must be paid OUT-OF-POCKET before an insurer will pay for anything.

A tax levied (charged) on the net value of a deceased (dead) person's estate, before heirs are paid

To be at fault (fully responsible for), either financially or legally

Protection against financial loss in the event of a driving accident or auto theft

Tax-advantaged account for education costs

Pays for expenses related to maintaining the wellness and health of a person; govt. & privately-sponsored programs

A U.S. payroll tax deducted to fund the Social Security & Medicare programs

This tax is locally assessed, varies based on the worth of land & goods on it; often used to fund public services

A tax levied (charged) on net personal or business income

Financial institution licensed to accept checking & savings deposits; makes loans

Amount charged (the cost) for a certain amount of insurance coverage

A record that another entity (business) or person paid you money (that is subject to income taxes)

Annual (yearly) rate charged for borrowing $ or earned through investment; expressed as a percentage(%)

Type of bank acct. used to safely store money over a long period of time; the money earns interest

Short-term, high-interest loan requiring your car title as collateral

Retirement account for employees of public schools & other tax-exempt organizations

Investment acct. made by people in anticipation (looking ahead) of being old enough to not work; pays out monthly

In insurance terms, refers to receiving money or property upon payout of a policy

The standard U.S. individual tax return form used to file income tax with the IRS

Spending plan based on income and expenses

Paid to an individual if he/she is injured & unable to work for a length of time

Specific type of policy used as protection against financial loss for damages to a structure (house, bldg, etc.) or land

A tax on goods & services that is a percentage (%) of retail price

Special insurance paid to family or primary beneficiary at the time of death of the policy holder

Type of bank account; allows for easy deposit & withdraw of $ for daily transactions (activities).

Investment plan for employees through their employer; wage contributions

(Type of taxation) Takes the same % of one's income, regardless of how much or little one makes

Form of risk management purchased by a business or individual (to protect) against financial loss

A tax where the % paid in taxes increases as income increases

Profits that are realized (made) by selling an investment (i.e. stocks, bonds, real estate)

Company that lends (loans) customers small amounts of money w/high interest rates; borrower repays w/next paycheck

Card issued by a bank (or credit union) allowing you to transfer $ electronically to another acct.

(Type of taxation) Takes a higher % of one's salary as income decreases

Refers to money a person or entity receives in exchange for labor or products