Financial Literacy

Flashcard
•
Mathematics
•
5th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is a budget?
Back
A budget is a plan that outlines how much money you earn and how much you spend over a certain period.
2.
FLASHCARD QUESTION
Front
What is net income?
Back
Net income is the amount of money you take home after taxes and other deductions are subtracted from your gross income.
3.
FLASHCARD QUESTION
Front
What is sales tax?
Back
Sales tax is a tax imposed on the sale of goods and services, usually calculated as a percentage of the purchase price.
4.
FLASHCARD QUESTION
Front
What does it mean to balance a budget?
Back
To balance a budget means to ensure that your income is equal to or greater than your expenses.
5.
FLASHCARD QUESTION
Front
What is the difference between income and expenses?
Back
Income is the money you earn, while expenses are the costs you incur for goods and services.
6.
FLASHCARD QUESTION
Front
How can you increase your savings?
Back
You can increase your savings by reducing your expenses or increasing your income.
7.
FLASHCARD QUESTION
Front
What is a fixed expense?
Back
A fixed expense is a cost that does not change from month to month, such as rent or mortgage payments.
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