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Vocabulary - Financial Literacy Flashcards | StudBud
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Vocabulary - Financial Literacy
Vocabulary - Financial Literacy
20 terms
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1
What are variable expenses?
When income and spending are equal in a budget.
The amount of money changes each month or over time.
The amount of money stays the same each month.
The amount a person earns.
2
When the income and the expenses are equal in a budget.
assets
balanced budget
federal withholdings
income
3
The amount of money a person earns.
income
budget plan
assets
income tax
4
The amount of money an employee receives in a paycheck after deductions are taken out.
net worth
Net pay (take - home pay)
income
federal withholding
5
What is the amounts owed by a person; a person's debt?
take-home pay
assets
liabilities
budget plan
6
Medicare is taken out of your ______ _______.
gross pay
net pay
social security
compound interest
7
What should be considered to cover expenses that are needs as well as wants, to cover savings for college or retirement.
net worth
variable expenses
budget
budget plan
8
An estimate of a person's expected income and expenses for a certain period of time.
income tax
budget
fixed expenses
assets
9
This is a discount you have to 'send in' after paying the taxes.
net worth
rebate
sales tax
coupon
10
Interest that pays on both the principal and the previous interest.
net worth
Simple interest
income
compound interest
11
What is a percent of earnings paid to federal, state or local governments
The items a person owns.
The difference between what is owed and what is owned.
The amount of money a person earns.
Your income tax.
12
Social security is a deduction everyone pays?
True
False
13
What is a document offering a reduction in price on a specific item?
rebate
sales tax
discount
coupon
14
Items a person owns is called __________.
income
budget
liabilities
assets
15
The amount taken out of your gross pay is for your savings account?
True
False
16
This is interest that is paid on the principal only.
variable expenses
income tax
simple interest
compound interest
17
Your net worth is subtracting your liabilities from your assets?
True
False
18
A special offer that reduces the total cost of one or more items; such as 'buy one get one free'
monetary incentive
budget plan
rebate
coupon
19
Fixed expenses change from month to month.
True
False
20
What is a percentage of the cost of a purchase paid as a tax.
simple interest
income tax
variable expense
sales tax
