A
Money earned or received
What is Income?
tax the boss takes out of your check for social security and medicare
What is Payroll tax?
Financial Literacy is having the knowledge, understanding, and skills necessary to become an effective consumer. True or False
What is True?
This is what credit card companies charge for use their money.
What are finance charges?
when your expenses and income are equal
What is balanced budget?
A request for your bank to pay another party from funds in your account.
What is a check?
Bryan's net income last month was $550. He paid $60 in payroll taxes and $40 on income taxes. What was Bryan's gross income?
What is $650?
Using a credit card allows you to....
What is purchase something now and pay for it later?
The best way to reduce your credit card debt.
What is pay more than the minimum payment required?
payment for goods and services, what you spend
What is expenses?
the total amount of personal income before taxes and deductions
What is Gross Income?
The term used to describe the things you spend your money on.
What are expenses?
Using these reduce your grocery bill, which is one way to help lower your monthly flexible/variable expenses.
What are coupons?
a written document telling the financial institution to pay someone
What is a check?
a bankcard linked to an individual's checking account
What is a debit card?
What is Property tax?
tax on something you buy
What is sales tax?
All of these are examples of types of credit except?
a) savings account c) car loan
b) credit cards d) college loan
What is a) savings account?
a card that can be used to borrow money from financial institutions
What is a credit card?
Michael's net income was $600. His gross income was $650. How much was taken out for deductions?
What is $50?
This happens when you write checks for more money than is in your account.
What is an overdraft?
tax on money from a job, paid once a year on April 15 to the IRS
What is Income tax?
the income that remains after taxes and other deductions
What is Net income?
payments using security features on the internet
What is electronic payment?
Madison earned $300 gross income last month. She had to pay $10 for payroll tax and $30 for income tax. How much was Madison's net income?
What is $260?