Financial Literacy Vocabulary Flashcard

Front

What is payroll tax?

Back

Money an employer withholds from an employee's earnings.

Front

What is gross income?

Back

The income BEFORE taxes are taken out.

Front

What is a budget?

Back

An organized plan for spending and saving money.

Front

What are electronic payments?

Back

Payments using security features on the internet.

Front

What is income tax?

Back

Money paid to a government based on income.

Front

What is net income?

Back

The income remaining after all deductions, including taxes.

Front

What is property tax?

Back

A tax based on the value of owned property.

Front

What is sales tax?

Back

A tax added to the price of goods and services at the point of sale.

Front

What does it mean to borrow money?

Back

To take money from someone with the agreement to pay it back later.

Front

What is a bank?

Back

A financial institution that accepts deposits and provides loans.