Financial Literacy Vocabulary 5th grade

Question 1

tax based on the value of house, land, car, etc. paid to the government

Accepted Answer

property tax

Question 2

a card issued by the bank that allows a user to immediately remove money from an account

Accepted Answer

debit card

Question 3

a card issued by a bank that allows the user to buy items immediately and pay the cost later

Accepted Answer

credit card

Question 4

money paid to a city, town, or state government or to the U.S. government based on income

Accepted Answer

income tax

Question 5

income before any taxes are taken out of it

Accepted Answer

gross income

Question 6

additional money paid by the borrower to the lender in exchange for use of the lender's money

Accepted Answer

interest

Question 7

an organized plan for spending & saving money

Accepted Answer

budget

Question 8

money earned

Accepted Answer

income

Question 9

money spent on something

Accepted Answer

expenses

Question 10

money added to the cost of an item or service

Accepted Answer

sales tax

Question 11

income that is left after taxes are taken out

Accepted Answer

net income

Question 12

an order in writing to a bank asking that a certain amount be paid out of one's account

Accepted Answer

check

Question 13

money that an employer withholds from an employee's earnings

Accepted Answer

payroll tax

Questions 13