Personal Financial Literacy Vocabulary

a specific instance when money is earned or spent

• Transaction

• Investment

• Budget

• Expense

the amount of federal money collected by an employer from an employee's pay to fund social security and medicare

• Income Tax

• Sales Tax

• Payroll Tax

• Property Tax

Income Tax

• money paid by an employee or employer to fund public services and safety

• a fee charged for using public transportation

• a tax on goods and services purchased

• a penalty for late tax filing

The amount of money that is currently available to save or spend

• Available Balance

• Total Assets

• Net Worth

• Current Income

Money taken out of an account

• Deposit

• Withdraw

• Transfer

• Invest

Sales Tax

• an extra amount added to the cost of goods and services based on a set percentage of their value.

• a fee charged for the delivery of goods.

• a discount applied to the total purchase price.

• a tax on income earned by individuals.

a record of monetary transactions made by a person, family, business, or organization

• Financial Record

• Transaction Log

• Expense Report

• Income Statement

an extra amount added to the cost of goods and services based on a set percentage of their value.

• Sales Tax

• Value Added Tax

• Income Tax

• Property Tax

Gross Income

• The TOTAL amount of money you earn, BEFORE taxes and deductions subtracted

• The amount of money you take home after taxes

• The amount of money you earn from investments only

• The total expenses incurred in a business operation

a plan for income and expenses.

• Budget

• Forecast

• Expenditure

• Investment