Financial Literacy

the total amount of money you earn before any deductions

the amount of money you receive after deductions are subtracted from your gross income

the money paid to a city, town, or state government or the US government and is based on income

Pam's weekly gross income is $467 a week and pays $185 in income tax. What is her net income?

money taken out of your account

money paid into your account

advantages-fast and easy, get a record of money spent, works like an electronic check

money added to the cost of items or services

advantages-fast, easy, get a record of money spent, accepted at most places, works like a loan

identification card issued by a bank that allows a user to immediately use money from account

disadvantage-takes time to fill out while other people are waiting

the money in your account.

advantage-get a record of money spent and safe way to mail a payment

disadvantages-may have to pay interest, can spend more than you have, may have to pay fees

tax paid on the portion of the value of items that is paid on things such as houses, land, etc.

purchasing goods or services by charging them with the intent to pay off later with interest

money put into your account.

disadvantages-may have bank fees, may not always be accepted, can spend more than you have

a plan for how much income will be received and ow it will be spent.

occurs when the total amount of money spent, saved, and shared equals total income.

money an employer withholds from an employee’s earnings

money people pay to support the government.