Personal Financial Literacy

Front

What type of tax do you pay for items like Cheetos and soda?

Back

Sales tax is a tax paid on the purchase of goods and services.

Front

What are things that are essential for survival, like shelter and food?

Back

Needs are essential items required for survival.

Front

What does it mean to put money aside for future needs or wants?

Back

To save means to set aside money for future use.

Tags

CCSS.RI.5.4

CCSS.RL.4.4

CCSS.RL.5.1

CCSS.RL.5.4

CCSS.RL.6.4

Front

Which type of tax is taken directly out of your paycheck?

Back

Payroll tax is deducted from your earnings to fund social security and Medicare.

Front

What is a machine that allows bank customers to deposit or withdraw money without visiting their bank?

Back

An ATM (automated teller machine) allows for cash withdrawals and deposits.

Front

What is the term for money that you earn from working?

Back

Income is the money received for work or services.

Tags

CCSS.RI.4.3

CCSS.RI.4.5

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

Front

What do we call the money you spend on things you want but do not need?

Back

Wants are non-essential items that you desire.

Tags

CCSS.RI.5.2

CCSS.RL.5.1

CCSS.RL.5.2

CCSS.RL.6.1

CCSS.RL.6.2

Front

What is the process of using money to buy goods and services?

Back

Spending is the act of using money to purchase items.

Front

What is a budget?

Back

A budget is a plan for how to spend and save money.

Front

What is the difference between a debit card and a credit card?

Back

A debit card uses your own money from your bank account, while a credit card allows you to borrow money.