Financial Literacy

What do we call the amount left over from your paycheck after taxes and deductions?

• balance
• gross balance
• transaction
• net pay

money earned or received

• Expenses
• Income
• Deductions
• Check

the total amount of personal income before taxes and deductions 

• Net Income
• Gross Income

Tax the boss takes out of your check for social security and medicare

• Property Tax
• Income Tax
• Sales Tax
• Payroll tax

Tax on the value of a house, building or land

• Sales Tax
• Property tax
• Income Tax

Money paid to the government

• Budget
• Fees
• Taxes
• Food stamps

Tax on something you buy

• Sales Tax
• Property tax
• income tax
• payroll tax

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

• Payroll tax
• Coupons
• Sales Tax
• Income Tax

the income that remains after taxes and other deductions

• Net Income
• Gross income

Tom's net income was $400.  His gross income was $440.  How much was taken out for deductions?

• $840
• $40
• $98
• $4