click below
click below
Normal Size Small Size show me how
Unit 11
Financial Literacy
Term | Definition |
---|---|
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 |