Financial Literacy Flashcard

Front

What is the definition of a bank?

Back

A for-profit institution that offers personal loans, mortgages, and other services.

Front

What is the definition of a budget?

Back

A record of income and spending and a plan for managing your money.

Front

What does the term 'credit' refer to?

Back

The amount of financial trust extended to a person or a business or lender; a loan.

Front

What is the difference between a debit card and a credit card?

Back

A debit card looks like a credit card but operates like cash; money is taken from the person's bank account (usually checking).

Front

According to the learning material, what is 'interest'?

Back

A fee received or paid for the use of money.

Front

What is the distinction between 'needs' and 'wants'?

Back

Needs are goods or services that people cannot survive without, while wants are for comfort or contentment but not essential for survival.

Front

Which of the following is NOT a type of tax? Income tax, Sales tax, Happiness tax, Property tax

Back

Happiness tax

Front

What is gross pay?

Back

The total amount you earn before any deductions.

Front

When is Tax Day in the United States?

Back

April 15

Front

What are deductions on a paycheck?

Back

Amounts subtracted from your gross pay, including taxes and benefits.