Financial Literacy Vocabulary

Front

Income

Back

Money you earn from a job or service.

Front

Expenses

Back

Money you spend. This can be a need or a want.

Front

Net Income

Back

The amount that of money that is left AFTER taxes have been taken out.

Front

Gross Income

Back

The total income amount BEFORE taxes are taken out. 

Front

Payroll Tax

Back

A tax that an employer withholds from an employee’s paycheck.

Front

Property Tax

Back

A tax on property such as a house, boat, car, land, etc.

Front

Income Tax

Back

Money paid to the United States government based on the amount of money one earns.

Front

Sales Tax

Back

The money added to the cost of goods and services when they are purchased.

Front

Wages

Back

A payment for labor or services. This is the amount of money you earn either hourly, daily, weekly, etc. 

Front

Budget

Back

A record of managing income vs expenses.