Glossary

Glossary definitions provided in part by the Jump$tart Coalition for Personal Financial Literacy.

Salary : Compensation for work, expressed as an annual sum and paid in prorated portions regularly- usually weekly, bi-weekly, or monthly. (See Wage.)

Sales Tax: A tax paid to local and state governments on purchased goods and services.

Satisfactory Academic Progress: To be eligible to receive federal student financial aid the student must meet and maintain the school's standards of satisfactory academic progress towards a degree or certificate offered by that institution. These standards vary by school, so check with your school for their standards.

Saving: The process of setting income aside for future spending. Saving provides ready cash for emergencies and short-term goals, and funds for investing.

Savings & Loan Associations (S&Ls) : Financial institutions that provide loans and interest-bearing accounts. Accounts in federally chartered S&Ls are federally insured.

Savings & Loan Associations (S&Ls) : A state or federally chartered for-profit financial institution that provides loans and interest-bearing accounts. Accounts in federally chartered S&Ls are federally insured.

Savings & Loan Associations (S&Ls) : A state or federally chartered for-profit financial institution that provides loans and interest-bearing accounts. Accounts in federally chartered S&Ls are federally insured.

Savings Account : A financial institution deposit account that pays interest and allows withdrawals.

Savings and loan association (S&L): A state or federally chartered for-profit financial institution that pays dividends on deposits and makes mortgage loans.

Savings bond: A bond is a certificate representing a debt. A U.S. Savings Bond is a loan to the government. The government agrees to repay the amount borrowed, with interest, to the bondholder. The two types of savings bonds are Series EE and inflation-adjusted I Bonds. Savings bonds are often purchased through payroll deduction or at financial institutions in denominations of $50 to $10,000.

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