Personal Finance Vocabulary

Felix lives in a large city. He pays taxes based on how much money he earns. This tax is called:

• Property tax

• Sales tax

• Income tax

Jack buys Mrs. Tapia some chocolate because he knows how much she loves chocolate. The chocolate is .99 cents but when he pays at the register, the item rings up as $1.08 because a tax was added to the cost. What is this tax called?

• Income tax

• Property tax

• Payroll tax

• Sales tax

Tags

CCSS.7.EE.B.3

What is the difference between Net Income and Gross Income?

• Net income is the amount BEFORE deductions

• Gross income is the amount AFTER deductions

• Gross income is the amount BEFORE deductions

Tags

CCSS.6.RP.A.3B

Mrs. Tapia creates a spreadsheet each month of the amount of money she spends on bills, food, and unicorns. This is called a:

• Debit Card

• Credit Worthy

• Electronic Payments

• Budget

What is the difference between a debit card and a credit card?

• A debit card is connected to your checking account.

• A credit card is connected to your checking account.