What is Personal Finance?
Personal Finance

Flashcard
•
Mathematics
•
5th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
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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