Financial Literacy Vocabulary

Budget

• A financial plan. 

  An estimate of income and expenditure for a set period of time.

• Money you make

• Money you put into an account

Interest

• Money you pay regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

• An amount of money lent or invested, on which interest is paid.

• A good or service of which there isn’t much left.

What is net pay?

• The total earnings on your paycheck

• Three taxes that everyone must pay

• How much a person is worth in total

• The amount of your paycheck after taxes are taken out

Net income is:

• the total amount of money you earn

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

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

An employee's fixed agreed yearly income. 

• Salary
• Deductions
• Wages
• Commission

Total money you earn before taxes and other deductions.

• Salary
• Net income
• Gross income
• Wages

The amount of money you actually receive after the deductions are taken from your gross income.

• Net income
• Deductions
• Wages
• Tax

A word to describe yearly.

• annual
• monthly
• half-yearly
• fornightly

To put money into an account.

• Deposit
• Withdraw
• Savings for a chicken
• Interest for a cow

Credit cards take money directly out of your bank account. 

• True 
• False