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Financial Literacy

TermDefinition
Balanced budget when your income matches your expenses; income = expenses
Budget a monthly or yearly spending and savings plan for an individual, family, business, or organization.
Check a written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization.
Credit card a card that can be used to borrow money from financial institutions, stores, or other businesses in order to buy products and services on credit.
Debit Card : a bankcard issued by a financial institution that is electronically linked to an individual’s checking account for the purpose of making banking transactions, making payments for services, and or making purchases.
Electronic payment: a way of paying for goods or services using security features on the Internet.
Expense payment for goods and services
Gross income The total amount of personal income prior to taxes and deductions
Income Tax a percentage of money paid on the earned wages of an individual or business for the federal and/or state governments as required by law
Income money earned for working and money received for the sale of goods or property
Net Income Income after taxes
Payroll Tax money paid by an employer to the federal government based on employee income as required by law
Property Tax the amount of money collected form the property owner based on the value of a property for the local government as required by law.
Sales Tax A percentage of money collected by a store (retailer), in addition to a good or service that was purchased for the local government as required by law.
Created by: lozuna
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