Financial Literacy Vocabulary

Additional money paid for items/services that are bought (retail items)

• Sales Tax

• Property Tax

• Payroll Tax

• Income Tax

Tags

CCSS.6.RP.A.3D

Additional money paid for LAND or any BUILDINGS on the land

• Sales Tax

• Property Tax

• Payroll Tax

• Income Tax

Money taken out of an employee's check BEFORE they are paid (paid by the company)

• Sales Tax

• Property Tax

• Payroll Tax

• Income Tax

Money paid by an EMPLOYEE on the money they earn

• Sales Tax

• Property Tax

• Payroll Tax

• Income Tax

Tags

CCSS.6.RP.A.3B

Amount of money you have to be able to spend

• Income

• Budget

• Payroll

• Expenses

When expenses and income are equal

• Balanced Budget

• Budget

• Gross Income

• Net Income

Things that are paid for (bills, groceries, gas, savings, etc)

• Expenses

• Budget

• Taxes

• Income

Money that is earned (job, lottery, inheritance)

• Expenses

• Payroll

• Taxes

• Income

Amount of money earned BEFORE taxes are taken out

• Taxes

• Expenses

• Net Income

• Gross Income

Amount of money left AFTER taxes are taken out

• Taxes

• Expenses

• Net Income

• Gross Income

Tags

CCSS.7.RP.A.3