What is gross income?
5th and 6th grade Financial Literacy Combined Test

Flashcard
•
Mathematics
•
8th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
Gross income is the total amount an employee earns before any deductions or taxes are applied.
2.
FLASHCARD QUESTION
Front
What is net income?
Back
Net income is the amount an employee is paid after all deductions and taxes have been applied.
3.
FLASHCARD QUESTION
Front
What is a debit card?
Back
A debit card is a payment card that withdraws money directly from a bank account when used for purchases.
4.
FLASHCARD QUESTION
Front
What is a credit card?
Back
A credit card is a payment card that allows the holder to borrow funds from a pre-approved limit to make purchases.
5.
FLASHCARD QUESTION
Front
What is the difference between debit and credit cards?
Back
Debit cards withdraw money directly from a bank account, while credit cards allow borrowing money up to a credit limit.
6.
FLASHCARD QUESTION
Front
What is a budget?
Back
A budget is a written plan that outlines how money should be allocated and spent.
7.
FLASHCARD QUESTION
Front
What is a student loan?
Back
A student loan is money borrowed to pay for education, which must be repaid with interest after graduation.
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