Financial Literacy Vocabulary 5th

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

• Gross Income

• Income Tax

• Net Income

• Property Tax

The amount of money collected on the value of a property for local government

• Payroll Tax

• Sales Tax

• Property Tax

• Income Tax

Match the following definitions to the correct vocabulary terms.

• Sales Tax

• Amount of money collected by a store in addition to a good or service

• Income

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

• Net Income

• A written document telling the bank to pay a specific amount

• Check

• Money earned or money received

• Payroll Tax

• Income that remains after taxes and deductions

Match the following to its definition.

• Credit Card

• Payments made using security features on the internet

• Electronic Payment

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

• Expense

• Card linked to your checking account so you can withdraw money or make purchases

• Budget

• Payments for goods or services

• Debit Card

• A monthly or yearly spending and saving plan for an individual or family

Match the following descriptions to the term that best applies.

• Register

• Formal record of transactions made by a person or business

• Transaction

• Help fund social security and medicaare

• Financial Records

• When

  Income=Expense

• Balanced Budget

• Specific time or instance when money changes hands

• Payroll Taxes

• Small table to track deposits and withdrawals and tell you your current balance

Match the following

• Taxes/Deductions

• Net Income +Taxes/Deductions=

• Property Taxes

• Helps fund roads, bridges, public libraries, parks and schools

• Income Tax

• Helps funds education and technology

• Sales Tax

• Gross Income-Net Income=

• Gross Income

• Help fund road construction,

  maintenance and police/firefighters salaries

Gross Income - Taxes/Deductions=

• Net Income

• Gross Income

• Taxes/Deductions

Net Income + Taxes/Deductions = ​ ​ (a)  

• Gross Income
• Net Income
• Taxes/Deductions

Gross Income - Net Income = ​ ​ (a)  

• Taxes/Deductions
• Net Income
• Gross Income

To balance a simple budget you should always take from the ______ first!

• Rent

• Entertainment

• Car Note

• Light Bill