Personal FinanceVocabulary

Banking

0Business of depositing and withdrawing money from an account.

Budget

0a statement of estimated income and expenses

Checking

0an account in a bank from which the depositor can draw money by writing checks

Taxes

0 to require to pay a tax

Interest

0 a charge for borrowed money that is generally a percentage of the amount borrowed

Overdrawing (overdraft)

0 to draw checks on (a bank account) for more than the balance in it

Adulthood

0 fully developed and mature

Savings

0an account (as in a bank) on which interest is usually paid and from which withdrawals can be made

Simple Interest

0 interest paid or figured on the original amount only of a loan or on the amount of an account

Compound Interest

0 interest paid or to be paid both on the principal and on accumulated unpaid interest

Expense

0 something spent or required to be spent

IRS (Internal Revenue Service)

0Branch of the federal and state government that collect taxes

Minimum Wage

0a wage fixed (as by law) as the least that may be paid to employed persons

Income Tax

0a tax on the income of a person or business

Sales Tax

0a tax paid on the purchase of goods and services and collected by the seller

Tax Evasion

0Someone who avoids paying taxes owed to the government

Social Security

0a U.S. government program established in 1935 to include old-age and survivors insurance, contributions to state unemployment insurance, and old-age assistance

Check Registrar

0Record of deposits and withdrawals from an account

Income

0a gain usually measured in money that comes in from labor, business, or property

Annual

0yearly