Financial Literacy Chapter 20

Something that you pay is called....

• income
• an expense
• a profit
• savings

Money that you make is called...

• income
• variable expense
• propery taxes
• fixed expense

Money paid to the government

• Budget
• Fees
• Taxes
• Food stamps

Tax on money from a job, paid once a year on April 15 to the IRS

• Payroll tax
• Coupons
• Sales Tax
• Income Tax

A written document telling the financial institution to pay someone

• Cash
• Card
• Check
• Debit 

a card that can be used to borrow money from financial institutions,

• debit card
• credit card
• check card
• cash card

payment for goods and services, what you spend

• Income
• taxes
• expenses
• credit card

Money taken out your income

• gross
• net
• deductions
• expenses

a bankcard linked to an individual’s checking account 

• debit card
• credit card
• check card
• electronic card

When you write a check from your checking account this is a:       

• Credit added to your balance.   
• Debit subtracted from your balance
• Credit subtracted from your balance.
• Debit added to your balance.