Financial Literacy Vocabulary

Front

What is Property Tax?

Back

A portion of the value of items, usually related to real estate, that is paid to the government.

Front

What is a Debt Card?

Back

An identification card issued by a bank that allows users to immediately use money from a checking account.

Front

What is a Credit Card?

Back

An identification card issued by a bank that allows users to buy items and pay later.

Front

What is a Budget?

Back

An estimate of income and spending for a specific period of time.

Front

What is Gross Income?

Back

Your total income before taxes are taken out.

Front

What is Net Income?

Back

Your total income after taxes and other deductions are taken out.

Front

What is Income Tax?

Back

A tax that governments impose on income generated by businesses and individuals.

Front

What is Sales Tax?

Back

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

Front

What is Payroll Tax?

Back

A tax that employers withhold from employees' wages to fund social security and Medicare.

Front

What is a Checking Account?

Back

A bank account that allows for deposits and withdrawals, typically used for everyday transactions.