Personal Financial Literacy

Front

What type of tax do you pay on a house?

Back

Property tax is a tax paid on real estate by the owner.

Front

What is money received before taxes called?

Back

Gross income is the total income earned before any deductions.

Front

If Jan babysits for $7 each time, how many times does she need to babysit to save $35?

Back

Jan needs to babysit 5 times.

Tags

CCSS.3.OA.A.3

Front

What are things that are essential like shelter and food called?

Back

Needs are essential items required for survival.

Tags

CCSS.RI.5.2

CCSS.RI.6.2

CCSS.RL.5.1

CCSS.RL.5.2

CCSS.RL.6.2

Front

What type of tax do you pay on money earned from a job?

Back

Income tax is paid on money earned from work or other sources.

Front

What is the difference between gross income and net income?

Back

Gross income is total earnings before taxes; net income is what you take home after taxes.

Front

What are wants?

Back

Wants are non-essential items that people desire but do not need for survival.

Front

What is a budget?

Back

A budget is a plan for managing income and expenses.

Front

What is saving?

Back

Saving is setting aside money for future use.

Front

What is a bank loan?

Back

A bank loan is money borrowed from a bank that must be paid back with interest.