Personal Finance Vocabulary

Gross Monthly Income

• The TOTAL amount you get paid for month

• The TAXES that you have to pay for the month

• The amount you TAKE HOME after your monthly deductions

Net Monthly Income

• The TOTAL amount you get paid for the month

• The amount of income remaining to spend in a month AFTER ALL deductions have been made.

• The total DEDUCTIONS taken out of your paycheck.

What does ATM stand for?

• Automatic Target Mechanism

• Automatic Tank Mine

• Automated Teacher Meme

• Automated Teller Machine

The amount of money you have to pay back ON TOP of the amount that you borrowed is called what?

• Insurance

• Debt

• Interest

• Credit

When a country spends more than it takes in revenue it is called what?

• Credit

• Interest

• Deficit

• Default

When you turn 62 years old and have worked paying taxes for many years, you get to draw what when you retire?

• Social Security

• Social Deposits

• Social Deficits

• Social Credits

When you buy partial OWNERSHIP into a company you purchase what?

• Securities

• Stocks

• Bonds

• Currency

Money taken out of your paycheck by the government is called what?

• Interest Tax

• Estate Tax

• Income Tax

• Sales Tax

A card that is directly linked to a banking account is called a what?

• Debit Card

• Credit Card

• Social Security Card

• Currency Card

If you did not have the money on hand to pay for something you might use this to purchase it with the promise to pay it later.

• Debit Card

• Credit Card

• Social Security Card

• Lay Away Card