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Unit 11

Financial Literacy

TermDefinition
Deposit Money put into an account
Debit Money taken out of an account
Payroll Tax Money an employer withholds from an employee’s earnings or paycheck
Property Tax A portion of the value of items that is paid to a city or state government. (ex: house, land)
Sales Tax Money added to the cost of items or services
Income Tax Money paid to a city, town, or state government or to the U.S. government based on income
Budget a plan for using money
Flexible Expense Costs that are easily changed, reduced or eliminated (ex: gas, groceries)
Fixed Expense Cost that does not change (ex: car payment, rent, car insurance)
Gross Income Income before any taxes are taken out of it.
Net Income Income that is left after taxes are taken out of the gross income
Created by: aberrio
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