Financial Literacy Vocabulary

Front

What is income tax?

Back

Money paid to federal and/or state governments based on an individual's income as required by law.

Front

What are financial records?

Back

A formal record of transactions made by a person or business.

Front

What is sales tax?

Back

The amount of money collected by a store in addition to a good or service.

Front

What is payroll tax?

Back

The amount of money a company withholds from pay for federal government.

Front

What is gross income?

Back

The total amount of a person's income before taxes and deductions.

Front

What is net income?

Back

The amount of money a person takes home after taxes and deductions.

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a certain period.

Front

What is an expense?

Back

Money spent on goods or services.

Front

What is a transaction?

Back

An exchange or transfer of money for goods or services.

Front

What is a bank statement?

Back

A summary of all transactions in a bank account over a specific period.