Personal Financial Literacy Vocabulary Review

Financial Literacy Vocabulary Review

taxes

Money people pay to support the government.

gross income

the total amount of money you earn

net income

the amount of money you receive after deductions are subtracted from your gross income.

deposit

money you put into your account

Multiple Choice

Money people pay to support the government is called ________

• gross income

• taxes

• deposit

• net income

Multiple Choice

________ is the total amount of money you earn.

• gross income

• deposit

• taxes

• net income

Multiple Choice

A _________ is money put into your account.

• gross income

• taxes

• deposit

• net income

Multiple Choice

_________ is the amount of money you receive after deductions are subtracted from your gross income.

• gross income

• taxes

• deposit

• net income

debit

money taken out of your account

balance

the money in your account

budget

a plan for how much income will be received and how it will be spent

balanced budget

occurs when the total amount of money spent, saved, and shared equals total income

Multiple Choice

A _________ occurs when the total amount of money spent, saved, and shared equals total income.

• balance

• debit

• balanced budget

• budget

Multiple Choice

A _________ is money taken out of your account.

• deposit

• net income

• balance

• debit

Multiple Choice

The ____________ is the money in your account.

• deposit

• net income

• balance

• debit

Multiple Choice

A plan for how much income will be received and how it will be spent is called a __________.

• balance

• debit

• balanced budget

• budget

sales tax

money paid to the government on goods and services that are sold

payroll tax

money that is withheld from a paycheck by the employer

income tax

money paid to the government taken from your paycheck

property tax

money paid to the government for property you own (land, house)

Multiple Choice

This is money paid to the government for property you own (land, house).

• sales tax

• payroll tax

• income tax

• property

Multiple Choice

This is money paid to the government on goods and services that are sold.

• sales tax

• payroll tax

• income tax

• property

Multiple Choice

This is money that is withheld from a paycheck by the employer.

• sales tax

• payroll tax

• income tax

• property

Multiple Choice

This is money paid to the government that is taken from your paycheck.

• sales tax

• payroll tax

• income tax

• property