Math - Financial Literacy Vocabulary

Question 1

Income tax

Answer 1

money paid to federal and/or state govt based on individuals income as required by law

Question 2

property tax

Answer 2

amount of money collected on value of property for local govt

Question 3

payroll tax

Answer 3

amount of money a company withholds from pay for federal govt

Question 4

sales tax

Answer 4

amount of money collected by a store in additions to a good or service

Question 5

income

Answer 5

money earned or received

Question 6

Gross income

Answer 6

total amount of personal income before taxes and deductions

Question 7

net income

Answer 7

the income that remains after taxes and deductions

Question 8

check

Answer 8

a written document telling the bank to pay a specific amount

Question 9

credit card

Answer 9

a card that can be used to borrow money from a bank or store

Question 10

debit card

Answer 10

a card linked to your checking account so you can withdraw money or purchases

Question 11

electronic payment

Answer 11

payments using security features on the internet

Question 12

budget

Answer 12

a monthly or yearly spending and saving plan for an individual or family

Question 13

expense

Answer 13

payments for goods or services

Question 14

financial records

Answer 14

a formal record of transactions made by a person or business

Question 15

register

Answer 15

a small table to track deposits and withdraws and current balance

Question 16

transaction

Answer 16

a specific time or instance when money changes hands