Financial LIteracy

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What is Sales Tax?

Back

A tax imposed on the sale of goods and services, typically calculated as a percentage of the purchase price.

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What are Fixed Expenses?

Back

Expenses that do not change from month to month, such as rent or car payments.

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What are Liabilities?

Back

Debts or obligations that an individual owes to others.

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How do you calculate the Sale Price after a Discount?

Back

Sale Price = Regular Price - (Regular Price x Discount Percentage).

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What is a Budget?

Back

A plan that outlines expected income and expenses over a specific period.

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What is the difference between Income Tax and Sales Tax?

Back

Income Tax is based on earnings, while Sales Tax is based on purchases.

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What are Variable Expenses?

Back

Expenses that can change from month to month, such as groceries or entertainment.

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What is Net Worth?

Back

The difference between an individual's total assets and total liabilities.

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What is a Miscellaneous Expense?

Back

Expenses that do not fit into standard categories, often unpredictable.

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How do you determine your monthly budget?

Back

List all sources of income and all expected expenses, then balance them.