Financial Literacy

Front

What is the term for money taken out of your income?

Back

Deductions

Tags

CCSS.6.RP.A.3B

Front

What do we call money earned or received?

Back

Income

Front

What is the payment made to the government called?

Back

Taxes

Front

What term describes payment for goods and services, or what you spend?

Back

Expenses

Front

If Tom's net income was $400 and his gross income was $440, how much was taken out for deductions?

Back

$40

Tags

CCSS.7.RP.A.3

Front

What is the difference between gross income and net income?

Back

Gross income is the total earnings before deductions, while net income is what you take home after deductions.

Front

What are examples of common deductions from income?

Back

Taxes, health insurance, retirement contributions.

Front

What is a budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period.

Tags

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.6.3

CCSS.RI.4.5

Front

What is the purpose of keeping track of expenses?

Back

To manage spending, save money, and ensure you stay within your budget.

Front

What is the term for money that is spent on necessary items like food and housing?

Back

Essential expenses.

Tags

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.4.10

CCSS.RI.7.4

CCSS.RI.3.10