Tax
A yearly federal tax on a person's earnings
What is income tax?
Someone borrowing money with a plan to pay it back
What is the government in a city, town, or country?
Local government
What is balanced budget?
an organized plan for money in which the total income equals the total expenses for a given period of time
What is a debit card?
A card that a consumer uses to pay for things with money from a checking account
Tax that pays for social security and medicare
What is payroll tax?
Who is the person or business who lets a borrower borrow money?
What is the United States government headquartered in Washington, D.C.?
Federal Government
What is the total amount of money in a bank account at any given time?
What is a credit card?
A card that is used to borrow money or buy goods and services on credit; consumers make regular payments to repay the bank, store, or business
If someone owns land and they pay taxes for it, what needs does it pay for?
Local needs like schools, firefighters, etc.
If someone buys something from the grocery store, what is their role or title?
Consumer
If the headquarters are located in the state's capital, what level of the government is it?
State government
What is a set payment that a person receives in exchange for work performed?
Salary
Where do you get a credit card issued from?
Tax added to the price of an item you buy is taxed by who?
It is a city or state tax
When someone works to earn money, what is the action called?
Labor
What level of the government taxes people on income tax?
Federal government
If someone receives a paycheck after working at the grocery store for one month, what is the money they earned called?
Monthly income
When you make withdrawal, are you taking money out of or adding money to your account?
Taking money out
What is the difference between income tax and payroll tax?
Payroll taxes are withheld from someone's paycheck which income taxes are yearly taxes on someone's earnings
If a person spends money to go shopping, and they take a loan from the bank, what could describe them?
Consumer and borrower
What level of the government charges people for sales tax?
State government
When is a ledger usually used?
What happens when you write a check for more money than you have in your checking account?
Your check bounces and you have to pay a fine