Financial Literacy - 5th Grade Vocabulary

Identification card issued by a bank & allows a user to buy items and pay for it later.

A tax is based on the amount of money you earn.

The total tax an employer withholds from our paycheck.

A tax based on a portion of the value of items that you own (houses, boats, or land).

A written order asking the bank to pay a certain amount of money from your account.

The amount of money that is left after the money spent is subtracted from the money earned.

The total income before any taxes are taken out of it.

The amount of income that is left after taxes are taken out.

Money you earn, whether from a job, interest from a savings account, or from selling things.

The money that you spend on needs and wants

An organized plan for spending and saving money.

Identification card issued by a bank & allows a user to immediately use money from an account.

The tax added to the cost of items and services. It is usually paid when an item is purchased.