Financial Literacy

Front

What is Sales Tax?

Back

Sales Tax is a tax imposed on the sale of goods and services, usually calculated as a percentage of the purchase price.

Front

What is Net Income?

Back

Net Income is the amount of money a person takes home after all deductions, such as taxes and other withholdings, have been subtracted from their gross income.

Front

What are the advantages of using a debit card?

Back

Advantages of using a debit card include convenience, ease of carrying, quick transactions, and access to cash through ATMs.

Front

What is a Credit Card?

Back

A Credit Card is a payment card that allows consumers to borrow funds to pay for goods and services, with the agreement to pay back the borrowed amount later.

Front

What is a Budget?

Back

A Budget is a plan that outlines expected income and expenses over a specific period, helping individuals manage their finances.

Front

What does it mean to balance a budget?

Back

To balance a budget means ensuring that total income equals total expenses, preventing overspending.

Front

What is Gross Income?

Back

Gross Income is the total amount of money earned before any deductions, such as taxes or retirement contributions.

Front

What is the purpose of a paycheck?

Back

A paycheck is a document that an employer provides to an employee, detailing the amount of money earned for work performed.

Front

What is the difference between income and expenses?

Back

Income is the money received, while expenses are the costs incurred for goods and services.

Front

What is Identity Theft?

Back

Identity Theft is the act of stealing someone's personal information to commit fraud, often involving credit cards or bank accounts.