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Financial Literacy Vocabulary Flashcards | StudBud
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Financial Literacy Vocabulary
Financial Literacy Vocabulary
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Vocabulary review for financial literacy unit in 5th grade math.
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Collected based on the amount of taxable income you earn
Income Tax
Property Tax
Payroll Tax
Sales Tax
2
Adding money to your account
Deposit
Withdrawl
Balance
Debit
3
A plan for how much income a person will have and how he is going to spend the money.
Budget
Deposit
Debit
Balance
4
The total income you earn before deductions.
Deducations
Balance
Gross income
Net Income
5
Taxes collected based on the value of property you own
Sales Tax
Income Tax
Payroll Tax
Property Tax
6
Money that is spent on things like rent, groceries, bills, etc.
Expenses
Debit
Income
Deductions
7
Any transaction such as: using a debit card, writing a check, or taking cash out
Debit
Deposit
Balance
Credit
8
The money that is paid to the government.
Debit
Deposit
Check
Taxes
9
Money used to make purchases that will have to be paid at a later date.
Credit
Debit
Deposit
Balance
10
Taxes collected based on the value of items you purchase
Income Tax
Payroll Tax
Sales Tax
Property Tax
11
When income and expenses are equal.
Fixed Expense
Balanced Budget
Income
Budget
12
Taking money out of your account
Budget
Withdrawl
Balance
Deposit
13
The total income earned after deductions. This is what you take home.
Gross income
Net income
Deposit
Taxes
14
Taxes that an employer pays based on what he pays his employees
Payroll tax
Property Tax
Sales Tax
Income Tax
15
Money taken out of one's income for things like health insurance.
deposit
deductions
debit
income
