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Personal finance vocabulary
Banking
0 Business of depositing and withdrawing money from
an account.
Budget
0 a statement of estimated income and expenses
Checking
0 an 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
0 an 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)
0 Branch of the federal and state government that
collect taxes
Minimum Wage
0 a wage fixed (as by law) as the least that may be paid
to employed persons
Income Tax
0 a tax on the income of a person or business
Sales Tax
0 a tax paid on the purchase of goods and services and
collected by the seller
Tax Evasion
0 Someone who avoids paying taxes owed to the
government
Social Security
0 a 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
0 Record of deposits and withdrawals from an account
Income
0 a gain usually measured in money that comes in from
labor, business, or property
Annual
0 yearly

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Personal finance vocabulary