What is the importance of BUDGETING?

You have to have a specific amount of money that you spend

What are three different taxes that you most likely pay when you get your pay check?

Social security, medicare, and income tax

What is a PROPERTY TAX?

The taxes you pay for your property

What is the difference between a Debit Card and a Credit Card?

You pay loans for Credit Cards, but not for Debit Cards

How can you earn your INCOME?

Doing dishes, laundry, and mopping

What is a GROSS Income?

The amount of money before deductions

What is the DIFFERENCE between an expense and an income?

An expense is when your money goes out and income comes in

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Financial Literacy Vocabulary

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Questions 10

Answers

1
What is the importance of BUDGETING?
You have to balance your budget
You spend money
You don't have a limit
You have to have a specific amount of money that you spend
2
What are three different taxes that you most likely pay when you get your pay check?
Sales tax, payroll tax, and property tax
Medicare, social security, and property tax
Social security, medicare, and income tax
Social security and income tax
3
What is a PROPERTY TAX?
The tax you pay for your house
The taxes you pay for your property
Your house
The taxes you pay for any utilities
4
Wich formula correctly shows how to find your NET income?
G - (T1 + T2 +T3) =N
None of the above
G - (t1 + T2 + t3) =n
g - (t1 + t2 +t3) = n
5
What is the difference between a Debit Card and a Credit Card?
You pay loans for Credit Cards, but not for Debit Cards
Debit Card starts with a D and Credit Card starts with a C
You pay loans for a Debit card, but not for a Credit Card
You pay interest your Credit Card, but not for a Debit Card
6
How can you earn your INCOME?
Wearing on shoes
Reading an article and answering questions
Saying something for someone
Doing dishes, laundry, and mopping
7
What is a GROSS Income?
Opposite of net
The amount of money before deductions
The amount of money you get from the bank
The amount of money that you are taking home
8
What is a NET income?
What you take home before deductions
What you catch in a net
The money after deductions
What you earn before deductions
9
A Payroll covers your Medicare and Social Security
True
False
10
What is the DIFFERENCE between an expense and an income?
An expense is when your money goes out and income comes in
Your expenses come from the bank and you earn income
Expense starts with e and income starts with i
You use money for your expenses and get money in your income

Financial Literacy Vocabulary Flashcards | StudBud