Financial Literacy

Match the following defintion with the word

• gross pay

• Hourly pay multiplied by the number of hours worked

• hourly pay

• The amount of money a person earns every hour

• net pay

• Money a person takes home after deductions

• deductions

• Money taken out of a person's paycheck- insurance, income tax, social security

The money taken out of your paycheck.

• Taxes
• Bonuses
• Salary
• Deductions

Your ​​ (a)   is the money you have coming in for work or an investment.​ (b)   are the money paid for a good or a service. Your ​ (c)   are money or property that you own and your ​ (d)   are the debts you owe to a person or a business.

• income
• deductions
• Expenses
• assests
• liabilities
• needs
• want
• donation

You buy a piece of candy at the gas station. This is an example of​ (a)  

• want
• need
• assest
• investment
• grace period

This is the plan you make so that you know where you money is being spent and earned.

(a)  

Thing you pay each month, like your house payment, rent, groceriers, and car payment are all examples of

• income

• needs

• deductions

• expenses

What is a finance charge?

• A finance charge is a discount offered on credit purchases.
• A finance charge is a penalty for early payment of credit.
• A finance charge is a reward for using credit cards.
• A finance charge is a fee charged for the use of a credit card

Match the following

• credit card

• an order to pay money from your checking account to a person or comapny

• debit card

• a card you can use to purchase something and the money comes out of your bank account immediately

• gift card

• a card you can use to purchase something now, and pay off later

• check

• a card that has a certain pre-loaded amount on it

When you only pay the minimum payment on your credit card, you will have ​a ​ (a)   , on the remaining balance.

• a grace period
• assets
• a gift card
• finance charge

Before taxes and deductions, Mrs. Allen's pay was $1,600. This is considered her - (a)  

• net income
• gross income
• deposits
• income tax