Banking and Taxation Flashcard

Front

What type of businesses are banks?

Back

For profit businesses that offer a variety of services to the public.

Front

What tax do you pay on valuable items like cars and houses?

Back

Property Tax.

Front

What tax is added to the cost of items and services during shopping?

Back

Sales Tax.

Front

What is the term for the money left after paying all taxes from your paycheck?

Back

Net Income.

Front

What is the total income before any payroll tax or deductions are taken out?

Back

Gross Income.

Front

Define 'For Profit' in the context of banking.

Back

A business model where the primary goal is to earn profit for owners and shareholders.

Front

What is 'Property Tax'?

Back

A tax based on the value of owned property, typically paid by property owners.

Front

Explain 'Sales Tax'.

Back

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

Front

What does 'Net Income' represent?

Back

The amount of money remaining after all deductions and taxes have been subtracted from gross income.

Front

What does 'Gross Income' include?

Back

All income earned before any deductions or taxes are applied.