Personal Finance

Personal Finance

Assessment

Flashcard

Mathematics

5th Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

What is Personal Finance?

Back

Personal Finance refers to the management of an individual's or family's financial activities, including budgeting, saving, investing, and planning for future expenses.

2.

FLASHCARD QUESTION

Front

What is Gross Pay?

Back

Gross Pay is the total amount of money earned by an employee before any deductions such as taxes, insurance, and retirement contributions.

3.

FLASHCARD QUESTION

Front

What is Net Pay?

Back

Net Pay is the amount of money an employee takes home after all deductions have been subtracted from the gross pay.

4.

FLASHCARD QUESTION

Front

What are Deductions?

Back

Deductions are amounts of money that are taken out of an employee's gross pay, such as taxes, insurance, and retirement contributions.

5.

FLASHCARD QUESTION

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.

6.

FLASHCARD QUESTION

Front

What is Income Tax?

Back

Income Tax is a tax imposed by the federal government on the income earned by individuals and businesses, typically due by April 15th each year.

7.

FLASHCARD QUESTION

Front

What is the difference between Gross Income and Net Income?

Back

Gross Income is the total earnings before any deductions, while Net Income is the amount remaining after all deductions are taken out.

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