Financial Literacy Vocabulary

money paid to federal and/or state governments based on the individual's income as required by law

• income tax

• property tax

• payroll tax

• sales tax

the amount of money collected by a store in addition to a good (clothes, shoes, games) or service (oil change, haircut)

• property tax

• payroll tax

• sales tax

• income tax

the amount of money a company withholds from pay for federal government.

• income tax

• income tax

• payroll tax

• sales tax

the amount of money collected on the value of a property (land or home) for local government.

• payroll tax

• property tax

• income tax

• payroll tax

the income that remains after taxes and deductions

• gross income

• income

• net income

• budget

money earned or received

• gross income

• net income

• income

• expense

the total amount of person income before taxes (income, payroll) and deductions (insurance)

• income

• gross income

• net income

• register

a written document telling the back to pay a specific amount

• credit card

• debit cart

• check

• electronic payment

a card linked to your checking account so you can withdraw money or purchases

• credit card

• debit card

• electronic payment

• check

a card that can be used to borrow money from a bank or store

• check

• debit card

• electronic payment

• credit card