Financial Vocab
Income and expenses are equal.
What is balanced budget?
Tax paid to the Federal Government.
What is income tax?
Paper form of payment.
What is check?
Money received for doing a job or profit earned from a business.
What is income?
Ryan has $20. If he spends $8 on snacks and receives $6 back, how much money did he spend on drinks?
What is $6
Plan for how to spend and save your money.
What is budget?
Paid based on money you spend on goods and services.
ex: items bought at a grocery store.
What is sales tax?
Payment using a secure method on the internet.
What is electronic Payment?
Money spent on something like groceries, rent, or car payment.
What is expenses?
Emma has $480 for a trip. She had only used $330. What is the remaining and where should the rest of the money go?
What is $550 and savings.
Amount of money needed to make a purchase.
What is cost?
Paid to local entities based on value of your property and services.
What is property tax?
a small plastic card issued by a bank used for electronic transactions. Money is immediately deducted from the account.
What is debit card?
After deductions= take home pay and what you will see in your bank account.
What is net income?
Maria got $30 for doing chores. She went to the store and spent $10 on a toy and $12 on snacks. What does Maria have in remaining?
What is $8
Save it for something important.
What is savings?
Tax based on money earned
ex: social security and Medicare
What is payroll tax?
small plastic card used to make a purchase. The amount charged is borrowed and the owner is responsible for paying the money back.
What is credit card?
Before deductions= total salary
hint: hours worked times hourly rate.
What is gross income?
Luke purchased a bike for $789. What is the remaining money in his bank account if he started with $925?
what is $157.