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Financial Literacy Vocabulary Review Flashcards | StudBud
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Financial Literacy Vocabulary Review
Financial Literacy Vocabulary Review
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Vocabulary review for financial literacy unit in 5th grade math.
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
The total income earned after deductions. This is what you take home.
Net income
Deposit
Taxes
Gross income
2
The money that is paid to the government.
Debit
Taxes
Check
Deposit
3
Money used to make purchases that will have to be paid at a later date.
Balance
Debit
Credit
Deposit
4
Which form of payment does
NOT
withdraw money from a checking account?
Electronic Funds Transfer
Check
Debit Card
Credit Card
5
Taxes collected based on the value of property you own
Income Tax
Sales Tax
Payroll Tax
Property Tax
6
Money taken out of one's income for things like health insurance.
income
debit
deductions
deposit
7
A plan for how much income a person will have and how he is going to spend the money.
Budget
Debit
Balance
Deposit
8
When income and expenses are equal.
Fixed Expense
Budget
Income
Balanced Budget
9
Collected based on the amount of taxable income you earn
Payroll Tax
Income Tax
Property Tax
Sales Tax
10
Money that is spent on things like rent, groceries, bills, etc.
Debit
Income
Deductions
Expenses
11
An advantage of using an electronic payment is?
You can setup recurring payments
You must have internet access
It doesn't transfer from your checking account.
You get a written record of the transaction
12
Taking money out of your account
Deposit
Withdrawl
Balance
Budget
13
How do you find gross income?
Hours Worked x Hourly Wage
Medicare + Income Tax
Deductions - Net Income
Net Income + Deductions
14
Any transaction such as: using a debit card, writing a check, or taking cash out
Debit
Balance
Deposit
Credit
15
Adding money to your account
Balance
Withdrawl
Debit
Deposit
16
Taxes collected based on the value of items you purchase
Property Tax
Income Tax
Sales Tax
Payroll Tax
17
Taxes that an employer pays based on what he pays his employees
Sales Tax
Payroll tax
Income Tax
Property Tax
18
The total income you earn before deductions.
Net Income
Balance
Deducations
Gross income
