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Personal Financial Literacy Flashcards | StudBud
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Personal Financial Literacy
Personal Financial Literacy
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Vocabulary review
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Gross income minus deductions equals
balanced budget
credits
net income
federal income tax
2
Sarah's gross income is $500.50. Her deductions are $25.25. What is her net income?
$475.50
$475.25
$525.75
$25.25
3
Sales, property and income tax are used to....
balance your accounts
make sure you don't make too much money
pay your bills
support government spending
4
The total amount of money you earn is called
budget
income tax
gross income
net income
5
John earned $20. He spent $10, put $4 in savings , and gave Tom $6. Is this a balanced budget?
Yes
Yes, if he keeps 6$
Only if he puts more $ into savings
No
6
Jim gets 20% of his wages deducted in payroll tax. If he earns $500, how much is deducted?
$50
$0
$20
$100
7
A balanced budget means.....
you can balance your checkbook
you have a positive account balance
income is greater than expenses
total income equals total expenses
8
What is a debit?
a type of credit card
money taken out of your account
money added to your account
a small alien
9
Who pays property tax?
Government
People that own properties/homes
Businesses
Children
10
If you have a job and earn income, you must......
pay sales tax
have a credit card
pay income tax
buy your teacher a nice gift
11
What is sales tax collected from?
fundraising
the government
The purchases of goods and services
a person's paycheck
12
A __________ is when money is put in to your account.
withdrawal
tax
debit
deposit
