Across
- 2. income Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships. It does not include welfare benefits and nontaxable Social Security benefits.
- 4. taxes Taxes on income, both earned and unearned. Income taxes can be levied on both individuals and businesses.
- 5. Money owed to taxpayers when their total tax payments are greater than the total tax. Refunds are received from the government
- 8. evasion A failure to pay or a deliberate underpayment of taxes
- 9. Large marsupial
- 12. Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are two types of exemptions personal and dependency. Each exemption reduces the income subject to tax. While each is worth the same amount, different rules apply to each
- 14. Man's best friend
- 15. money or goods you owe.
- 16. of deposit a type of investment that requires you to invest money for a certain length of time and guarantees the same rate of return for that entire time. CDs usually require a minimum deposit.
- 17. payment the smallest amount you are required to pay a lender each month on a debt.
- 19. insurance people buy health insurance to help them pay for medical expenses like going to the doctor, prescription drugs or surgery.
- 21. compliance A system of compliance that relies on individual citizens to report their income freely and voluntarily, calculate their tax liability correctly, and file a tax return on time
- 22. account a bank account that pays you interest for keeping your savings in it. Banks use your money to make loans, so they pay you interest for the use of your money. Your savings is insured up to $100,000 by the FDIC, so you don't have to worry about borrowers taking your money and not paying it back.
- 24. to put money into a bank or investment account
- 25. tax Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known as the Social Security tax
- 26. take money out of an account
- 28. how quickly an asset (any item of value that you own) can be turned into cash. In other words, you don't have to wait until a certain date or pay a penalty to withdraw your money.
- 30. register a small booklet comes with your checkbook and gives you record sheets that so you can keep track of all the deposits, ATM withdrawals, and checks you write. If you keep your check register up-to-date, you always know how much money you have in your checking account
- 31. insurance this insurance helps you pay for damage you cause as a result of an accident to people or property, medical expenses you may have and the cost of fixing your car. It will also pay all these expenses if someone hurts you or your car and they do not carry insurance themselves
- 32. 1) In talking about loans, the balance is the difference between the amount owed and the amount paid. If you pay $45 on a $100 debt, your balance is $55. 2) In talking about checkbooks, balancing means to account for all money that came into and went out of your account, so that at the end of the month you and your bank statement agreement
- 35. things you pay money for - both needs and wants
- 37. Flying mammal
- 38. 72 math formula that determines the number of years needed to double your money at a given interest rate. Here's how it works: you divide 72 by the interest rate. Therefore, money invested at 10% interest rate will double in 7.2 years
- 39. hanging onto your money for a future use instead of spending it. Saving is the opposite of spending.
Down
- 1. score this is a score or grade that credit companies assign to you based on how you handle your money and pay your bills.
- 3. usually refers to the money borrowed from a lender to buy a house; the borrower makes payments on the loan each month until the entire loan, along with interest, is paid in full.
- 6. Has a trunk
- 7. income credit A tax credit for certain people who work, meet certain requirements, and have an income under a specified limit
- 10. cost the next best alternative that is given up when a choice is made. For example, when you spend your money, you lose your “opportunity” to use it in other ways.
- 11. card this plastic card looks like a credit card, but it is used to withdraw money from a savings or checking account. When you use a debit card at Automatic Teller Machines or in stores to make purchases, money is immediately withdrawn from your account. You cannot withdraw more money than you have in the account.
- 13. insurance people have homeowner’s insurance so they will have the money to fix or replace their home and its contents. Damage can be done by fire or storms, or even by a burglar.
- 18. insurance is a type of plan that can help protect you from an event in life that costs a large amount of money. A policy will pay you money to cover the cost of these events. See auto insurance, disability income insurance, renter’s insurance, homeowner’s insurance and health insurance
- 20. percentage rate the rate of interest being charged for a loan over a year's time. The APR rate includes interest, transaction fees, and service fees.
- 23. tax Used to provide medical benefits for certain individuals when they reach age 65. Workers, retired workers, and the spouses of workers and retired workers are eligible to receive Medicare benefits upon reaching age 65.
- 27. The federal agency that collects income taxes in the United States
- 29. income tax The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt
- 33. Likes to chase mice
- 34. the amount paid by a borrower to a lender for the privilege of borrowing the money
- 36. taxes Includes social security and Medicare taxes