Shared Flashcard Set

Details

Key Terms
Savings
8
Business
12th Grade
03/19/2012

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Cards

Term
Simple Interest
Definition
Interest computed only on the principle
Term
Compound Interest
Definition
Interest figured on money deposited plus interest
Term
Rule of 72
Definition
A method used to estimate the amount time or interest it will take for savings to double in value
Term
Tax Exempt
Definition
Earning that are free of certain taxes
Term
Tax Deferred
Definition
Savings or earnings that are not taxed until the funds are withdrawn
Term
Annual Percentage Yield(APY)
Definition
The rate of yearly earning from an account, including compound interest
Term
Certificate of Deposit(CD)
Definition
Money deposited for a set period of time that earns a set annual rate of interest
Term
U.S. Savings Bond
Definition
A savings tool that loans money to the U.S. government for a specified period of time.The bondholder is repaid with interest at the of maturity
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