MoneyU Glossary of Terms

MoneyU Glossary of Terms

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Money you make for working a job.

Sales Tax

What your state or local government charges you when you buy a good or service. It's typically a percentage of the cost you pay. While an income tax charges the money you earn, the sales tax charges money you've spent. States that charge sales tax typically charge 4 to 7 percent of the item's cost.


Accumulating funds by delaying or foregoing consumption.

Savings Account

With savings accounts you can make withdrawals, but you do not have the flexibility of checks. Various fees, such as minimum balance fees, may be charged on savings accounts.

Savings Bond

A promise by the U.S. government to repay principal and a return in the future. The return may be based on government note rates or on the rate of inflation plus a small fixed rate. Savings bonds are available for as little as $25.


An economic condition created by an excess of human wants over the resources necessary to sat┬¡isfy them; an inability to satisfy all of everyoneÔÇÖs wants.

Secured Card

A credit card that is guaranteed by a cash deposit held in a special savings account or certificate of deposit. The deposit must remain in the account until the credit line is closed or the issuer decides security is no longer necessary. The credit line on the card is usually equal to the amount of the deposit. If the Cardmember defaults on the card, the issuer will apply the deposit toward the outstanding balance.

Secured Debt

Debt for which repayment is guaranteed through collateral property of equal or greater value than the amount of the loan. If you do not repay the loan, the issuer may take possession of the collateral. Collateral may be an asset such as a car or a home or, in the case of a secured credit card, a cash deposit held by the issuer. For example, a mortgage is a secured debt in which the home is collateral. If the person fails to repay the loan, the bank may take the home as payment.


Savings, bonds, insurance policies, jewelry, property or other items that are pledged to pay off a loan or other debt if payments are not made according to the agreement. (Also called Collateral.)


Twice a year.

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