| A | B |
|---|
| Automated Teller Machine (ATM) | A machine that allows individuals to complete certain transactions from the machine without human assistance |
| checking account | An account that allows quick access to funds for transactions |
| commercial bank | For‐profit depository businesses that offer financial services to both consumers and other businesses |
| contactless payment | 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 |
| credit union | Depository institutions that offer many banking services and are owned by their customers |
| debit card | A plastic card that is electronically connected to the cardholder’s depository institution account |
| depository institution | Businesses that provide financial services |
| interest | The price paid for using someone else’s money |
| interest rate | The percentage rate used to calculate interest |
| mobile banking | Apps that many depository institutions have developed that allow online banking access from devices such as smartphones, tablets and other mobile devices |
| online banking | 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 |
| savings account | An account at a depository institution that is designed to hold money not spent on current consumption |
| savings tool | Accounts offered by depository institutions whose main purpose is to help people manage their money |
| community | A group of people with common interests and concern for the common good |
| earned income | Money earned from working for pay |
| excise tax | 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 |
| income tax | A tax on earned and unearned income |
| payroll tax | A tax on earned income |
| property tax | A tax on property, such as land, buildings (including homes), and automobiles |
| sales tax | A tax on purchased goods and services |
| taxes | A sum of money demanded by a government to support the government itself as well as specific facilities or services |
| taxpayer | A person who pays a tax to national, state, county or municipal governments |
| unearned income | Income received from sources other than employment |
| asset | Items of monetary value a person or household owns |
| expense | Money spent |
| income | Money received |
| investment asset | 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 |
| liability | A debt or obligation owed to others |
| market value | The amount you could realistically sell an asset for today |
| monetary asset | Assets that can be quickly and easily converted into cash |
| net worth | 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 |
| statement of financial position | A financial statement that describes an individual or family’s financial condition on a specified date by showing assets, liabilities, and net worth |
| tangible asset | Personal property that was purchased to create a lifestyle or improve your life |
| wealth | A measurement of how much a person or household owns once all debts have been paid |
