WorksheetsFinancial Algebra Vocab Quiz
Total questions: 10
Worksheet time: 5mins
What is income?
Money that is earned as a result of working
Money that is put into a checking or savings account
Money that is taken out of a paycheck for various reasons (I.E. taxes, retirement)
A separate savings account
What are earnings?
A check you receive after working for 2 weeks
Money deposited
Money that you collect
Money left over on a paystub that you are able to spend
What is Gross Income?
A separate checking that allows deposits 24/7
Something that you sign at the bank before you deposit a check
The amount of money before deductions are taken out
The amount of money after deductions are taken out
What is Net Income?
A large net that you can store money in for later on
The amount of money before deductions are taken out
A spreadsheet that you use to keep track of your income
The amount of money made after deductions are taken out
What is a deduction?
Money that is taken out of your gross income
Money that is taken out of your net income
Money that is taken out to save on debt repayments
Money that is taken out to put towards a new XBOX
What is a budget?
A spreadsheet that shows both your net / gross income and what you have spent money on
The most responsible way to spend money
The amount of money you have to spend on expenses for the month
An organized plan for saving money
What is income tax?
Money paid to your employer based on the money you earn
Money paid to the government based on the money you earn (Uncle Sam gets his share)
Money that is paid on retirement, 401k, and other factors on your paycheck
Basically a 20 Dollar Bill
What is payroll tax?
The shoe box Ty Mullins keeps his extra cash in
Money paid to the government based on your earnings
Money you spend to pay for electric, water, sewage, and other household bills
Money an employer withholds from an employee's paycheck
What is property tax?
A portion of the value of items that is paid to a city (House, Land, Pets, etc.)
A portion of the value of your net income that is spent by you
Money added to the cost of items or services
Money that your house is worth when you decide to sell it
What is sales tax?
Money that is added to the cost of items or services
Money that is saved by your employer and given back to you during Christmas time
A portion of the value of items that is paid to a city
Money that is given to you when you donate to charity
