Review Unit 6 Concept 2

the yearly interest rate applied to a loan or credit card

• amortization schedule
• simple interest
• APR
• compound interest

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

• True
• False

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.

• amortization schedule
• simple interest
• APR
• compound interest

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.

• amortization schedule
• simple interest
• APR
• compound interest

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.

• simple/compound
• compound/simple

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

• property tax
• sales tax
• income tax
• corporate tax
• payroll tax

Money citizens are required to pay to pay the government

• tax
• sales tax
• income tax
• payroll tax
• property tax

Money paid by an employee to the government

• tax
• sales tax
• income tax
• payroll tax
• property tax

Money paid by a property owner to the government

• tax
• sales tax
• income tax
• payroll tax
• property tax

Money paid by an employer to the government

• tax
• sales tax
• income tax
• payroll tax
• property tax