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PHILLIPS- Financial Literacy Vocab Practice Flashcards | StudBud
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PHILLIPS- Financial Literacy Vocab Practice
PHILLIPS- Financial Literacy Vocab Practice
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#math #grade7 #TEKS
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
When you go and take money out of your account it is called...?
interest
deposit
loan
withdraw
2
When you place money into your bank account it is called...?
interest
deposit
withdraw
loan
3
Which is a variable expense?
electricity bill
mortgage
car payment
insurance bill
4
Which is a fixed expense?
car payment
water bill
electricity bill
clothing
5
What is income tax?
Money you earn
Money you give Coach Phillips
Tax on money you earn
Tax on entertainment
6
What is it called when you pay for borrowed money?
Tax
Fee
Interest
Tip
7
A percentage of extra money you earn based on job performance.
Simple Interest
Commission
Percent Error
Salary
8
What is net income?
Tax on your income
Money you earn from a job
The amount of money after taxes are taken out
The amount of money before taxes are taken out
9
If I have a negative net worth, I am in debt.
True
False
10
When you borrow money from a financial institution it is called...?
interest
lender
expense
loan
11
Discount is something added to your total.
True
False
12
What is sales tax?
taxes on your social media
tax paid of houses and boats
taxes on your income
tax on cost of items and services
13
Assets - Liabilities
Net Worth
Markup
Debt
Depreciation
14
What is a budget?
List of estimated Income and Expenses
List of expenses and income for the month
Balanced when expenses are equal to income
Something to be ignored
15
What is tax?
Money that you earn
Money that is paid to you
Money that is at the store
Money that is paid to the government
