Review Unit 6 Concept 2

Front

the yearly interest rate applied to a loan or credit card

Back

APR

Front

The APR of some credit cards can often be avoided if purchases are paid for in full within a certain period of time.

Back

True

Front

In the context of savings accounts, _________ means that the bank is paying interest only on the money the customer has actually put in the bank.

Back

simple interest

Front

In the context of savings accounts, _________ means that the bank pays the customer on the total amount in the account, meaning they are paying interest on what the customer put in AND what the bank has already given them.

Back

compound interest

Front

Most modern banks pay __________ interest and it is actually a little unusual to find a bank paying ________ interest due to increased competition in the financial sector.

Back

compound/simple

Front

This is the only tax which is collected by all levels of government - federal, state, and local.

Back

income tax

Front

Money citizens are required to pay to the government

Back

tax

Front

Money paid by an employee to the government

Back

income tax

Front

Money paid by a property owner to the government

Back

property tax

Front

Money paid by an employer to the government

Back

payroll tax