Financial Literacy Vocab

Front

A percent of an item's cost charged by governments to raise money.

Back

sales tax

Front

A tax on individuals or entities that varies with their income or profits.

Back

income tax

Front

A unit rate for comparing prices.

Back

unit price

Front

Money earned by bank customers based on savings account principal.

Back

interest

Front

A fixed percent of the principal, calculated as I=Prt (P=principal, r=rate, t=time).

Back

simple interest

Front

Initial amount borrowed or saved.

Back

principal

Front

A deduction from the usual cost of something.

Back

Discount

Front

A voucher for a discount on a product.

Back

coupon

Front

A partial refund for overpayment on tax, rent, or utilities.

Back

rebate

Front

Interest on principal and previously earned interest.

Back

compound interest