Personal Financial Literacy Terms

When your income is equal to your expenses (including your savings) it is called...

• net income

• balanced budget

• budget

• gross income

a plan for spending and saving money is called...

• tax

• fixed expense

• income

• budget

a method for paying for a purchase: an order in writing to a bank asking that a certain amount of money be paid out of one's account is called...

• check

• debit card

• credit card

• tax

a method for buying something: an identification card issued by a bank that allows a person to buy goods and services immediately and pay the cost at a later time is called a...

• debit card

• check

• credit card

• save

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

an identification card issued by a bank that allows a user to immediately remove money from an account

• check

• debit card

• credit card

• expense

money you earn before taxes are removed

• gross income

• net income

• tax

• budget

Taxes that are taken out of the money you earn. This amount is based on how much money you earn (including federal taxes, state taxes, and payroll taxes).

• payroll tax

• sales tax

• property tax

• income tax

Tags

CCSS.7.RP.A.3

Money that is taken from gross income by an employer to include things like social security and medicare or FICA is called...

• payroll tax

• sales tax

• property tax

• income tax

The amount of money you take home after taxes are taken out is called...

• gross income

• income tax

• net income

• broke

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.3.10

A portion of the value of items that is paid to a city or state government and is based on things you own such as land, house or an office building is called...

• property tax

• sales tax

• income tax

• payroll tax