Financial Literacy Vocabulary

Question 1

Money paid on the earned wages of an individual or business

Accepted Answer

Income Tax

Question 2

I bought an Xbox game that was $60. I ended up paying almost $66 after tax. What tax did I pay?

Accepted Answer

Sales Tax

Question 3

I bought a new couch with a card that lets me borrow money from the store. What card did I use?

Accepted Answer

Credit Card

Question 4

The amount of money that a company withholds from its employees

Accepted Answer

Payroll Tax

Question 5

The total amount of personal income prior to taxes and deductions

Accepted Answer

Gross Income

Question 6

A card linked to your checking account so you can withdraw money, or make purcahses

Accepted Answer

Debit Card

Question 7

Money collected by a store, in addition to a good or service that was purchased

Accepted Answer

Sales Tax

Question 8

Card used to borrow money from banks, stores, or businesses to buy products/services on credit

Accepted Answer

Credit Card

Question 9

Machine you use to withdraw money using your debit card

Accepted Answer

ATM

Question 10

I own a gas station. I will have to pay ____ tax on the land and gas station building

Accepted Answer

Property Tax

Question 11

Payments using security features on the internet

Accepted Answer

Electronic Payment

Question 12

I went and bought a new television and had to pay $90 in taxes. What type of tax is this?

Accepted Answer

Sales Tax

Question 13

The income that remains after taxes and other deductions are taken from a person's gross income

Accepted Answer

Net income

Question 14

I make 90,000 a year and the government takes money away from my gross pay. What tax is this?

Accepted Answer

Income Tax

Question 15

The amount of money collected on the value of a property for the local government

Accepted Answer

Property Tax

Question 16

I own a Taco Bell and pull money from my employees paychecks to pay this type of tax is this?

Accepted Answer

Payroll Tax

Question 17

I used a card connected to my checking account to get groceries. What card did I use?

Accepted Answer

Debit Card

Question 18

I own 5 apartment buildings that I rent out. What type of tax do I pay on these buildings?

Accepted Answer

Property Tax

Question 19

The school district takes money out of my check monthly. What type of tax is this?

Accepted Answer

Payroll Tax

Question 20

Travis earned $42,000 last year and paid $6,000 in taxes on what he earned. What tax is this?

Accepted Answer

Income Tax

Questions 20