5th Grade Financial Literacy Vocab.

A plastic card used to make purchases now and pay for them later.

money withheld from a person’s earnings by their employer based on their salary (MONTHLY)

An exchange of goods, services, or funds

Money paid to the government on goods and services based on a set percentage of retail cost

 money paid to the government  based on a person’s income (YEARLY)

True or False: Net Income is the income that is left after taxes are taken out of the gross income.

money paid to the government based on the value of certain property, such as land, homes, cars, or boats

True or False: Gross income is the income after taxes are taken out of the net income.

payments that are made directly from your bank account using the Internet

money paid to the government in exchange for services, such as road maintenance and police protection

A written form of payment where money is deducted/withdrawn  from the Financial Institute or bank account

a plastic card used to make a purchase where the money is IMMEDIATELY withdrawn from the bank account linked to the card