Financial Literacy Flashcard

Front

What is the term for the total amount of money earned before any deductions are taken out?

Back

Gross Income

Front

What is a sum of money placed in a bank account to accumulate interest?

Back

Deposit

Front

What is the term for money owed by one party to another?

Back

Debt

Front

What is the term for the amount of money that a worker is paid for their labor?

Back

Salary

Front

What is the term for the money taken out of a paycheck to pay for government services and programs?

Back

Income Tax

Front

What is the term for the increase in prices and fall in the purchasing value of money?

Back

Inflation

Front

What is the term for the minimum pay an employer is required to pay for work performed during a given period, which cannot be reduced by agreement?

Back

Minimum Wage

Front

What is the term for the act of taking money out of an account?

Back

Withdraw

Front

What is the term for the cost associated with borrowing money?

Back

Interest

Front

What is the term for the financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time?

Back

Balance Sheet