Financial Literacy Vocab

Question 1

a fraction of a person's income deducted to pay for programs that help people when they retire

Accepted Answer

payroll tax

Question 2

money people pay to support, local, state, and federal governments

Accepted Answer

taxes

Question 3

money coming in is called income

Accepted Answer

True

Question 4

when expenses equal to the income it's called

Accepted Answer

balanced budget

Question 5

charged by local governments and are used for schools and community safety

Accepted Answer

property taxes

Question 6

a tax is money people pay to help the president

Accepted Answer

False

Question 7

income tax is the money that the government collects based on a person's income

Accepted Answer

True

Question 8

property taxes are taxes on homes, land and sometimes cars

Accepted Answer

True

Question 9

a plan for saving and spending money is called

Accepted Answer

budget

Question 10

the amount of money a person takes home AFTER taxes and other deductions

Accepted Answer

net income

Question 11

a person's salary. what a person makes BEFORE taxes.

Accepted Answer

gross income

Question 12

a tax paid to the government on items they buy

Accepted Answer

sales tax

Questions 12