Shared Flashcard Set

Details

Savings
Banking
9
Business
12th Grade
03/19/2012

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Cards

Term
Simple Interest
Definition
Computed only on the principal or the amount of money orginally deposited
Term
Compound Interest
Definition
is figured on the money deposited plus the interest it earns.
Term
Rule of 72
Definition
estimate the amount of time or interest it will take for your savings to double in vaule.
Term
Tax Exempt
Definition
earnings that are free of certain taxes.
Term
Tax deferred
Definition
savings in which taxes on principal and earnings are not due until the funds are withdrawn.
Term
APY
Definition
rate of yearly earningsfrom an account.
Term
CD
Definition
deposit a given amount of money for a set period of time or term
Term
Saving bonds
Definition
loaning the goverment money
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