Financial Literacy - Middle School 1-10

A check in financial terms is:

• a written document telling the bank to pay a certain amount from your account

• a digital currency used for online transactions.

• a type of loan provided by banks to individuals.

• an investment vehicle that pools together funds from many investors.

An electronic payment is:

• A method of paying for goods or services electronically rather than using cash or a physical check.

• A type of payment that requires physical presence.

• A form of payment that is only used in physical stores.

• A method of payment that is exclusively for online shopping.

An expense is:

• Payment for goods and services

• A formal record of spending

• Tax paid to the federal government

• Income that remains after taxes

Financial records are:

• formal records of the transactions made by a business or a person

• a type of currency used in financial transactions

• a set of rules governing financial markets

• a financial institution that provides loans

Gross income is:

• The total income earned BERFOE any deductions or taxes.

• The income AFTER all deductions and taxes.

• The net profit of a company.

• The total expenses incurred by an individual.

Income refers to:

• the total amount of money earned by an individual or business.

• the expenses incurred by an individual or business.

• the savings accumulated by an individual or business.

• the investments made by an individual or business.

Income tax is:

• a tax on the value of goods and services

• a tax on a company's profits

• a tax on an individual's or entity's income

• a tax on property ownership

What is net income?

• The total revenue of a company

• The income that remains AFTER taxes

• The total expenses of a company

• The income BEFORE expenses

Payroll tax is:

• a tax on property

• a tax on income

• a tax deducted from your paycheck

• a tax on goods and services

Property tax is:

• a tax on the land you own and any building on it

• a tax on income

• a tax on goods and services

• a tax on financial transactions