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Financial Literacy
| Question | Answer |
|---|---|
| Income Tax | is money paid to the federal government based on your income, how much money you earn. |
| Property Tax | Is money that is paid to the local government on real estate. Buildings, homes and land are considered real estate. |
| Pay Roll Taxes | is tax that is paid to the federal government. They are deductions from pay for income tax, social security tax, and Medicare tax. |
| Sales Tax | is a tax that is paid by consumers on purchased goods and on some services |
| Gross Pay | is how much you make before taxes and deductions are taken out |
| Net income | is calculated by starting with the gross income amount on a paycheck and then subtracting all the taxes paid to the government. What you bring home. |
| Check | is a piece of paper that is used to make a payment to someone using the money in a bank account |
| Debit Card | a small plastic card that is used to buy things by having the money to pay for them taken directly from your bank account |
| Credit Card | a small plastic card hat is used to buy things that you agree to pay for later |
| Budget | an amount of money available for spending that is based on a plan for how it will be spent |
| Balanced Budget | is the process where the total income is greater than or equal to the total of expenses. |
Created by:
debwreid
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