Savings and Interest

Manuel J. Bendana

Savings- Savings accounts are accounts maintained by retail financial institutions that pay interest but can‘t be used directly as money.
Bank- a depository financial institution: a financial institution that accepts deposits and channels the money into lending activities.

What is a savings account? A bank account designed for a client's savings, which compared to a current account typically entails withdrawal restrictions but yields a better interest
How do you make money through a bank? Deposit money into a savings account and leaving it there for awhile.
Define interest? a fixed charge for borrowing money; usually a percentage of the amount borrowed
What two types of interest are named? Simple Interest and Compound Interest.
When does interest work in your favor? When you deposit money into a savings account.
Banks pay interest in two ways. What are they? Simple and Compound.

Taxes- is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law.
When I worked at Hardees I had to pay income taxes for some of the overall money I made.
When I buy a Mountain Dew there is a sales tax for every dollar.

Donations- a voluntary gift (as of money or service or ideas) made to some worthwhile cause.
I made a donation to Goodwill by giving them a bunch of my old clothes.
I donated money to a bunch of homeless bums in NYC.

Money ham cheddar guop fetti mozzarella gravy doe cheese bread.

Money- generally accepted as payment for goods and services and repayment of debts.
I like to spend money on women.
When I got a lot of money I do whatever I feel like doing.

Debt-Owing somebody a payment or money.
When people are in debt to me I kill them.
When I am in debt I kill my way out.

1st blog

Mr G told me to do this. He's an idiot but I did it anyway.