Fraction and Financial Literacy Flashcard

Front

What is a budget?

Back

A budget is a plan that outlines how much money you can spend and save over a certain period.

Front

What does it mean to withhold money from a paycheck?

Back

Withholding money means taking a portion of an employee's earnings to pay for taxes and other deductions before they receive their paycheck.

Front

What is net income?

Back

Net income is the amount of money a person takes home after taxes and other deductions are subtracted from their gross income.

Tags

CCSS.6.RP.A.3D

Front

What is gross income?

Back

Gross income is the total amount of money earned before any deductions, such as taxes, are taken out.

Front

What is a payroll tax?

Back

A payroll tax is a tax that employers withhold from employees' paychecks to pay for government programs, such as Social Security and Medicare.

Front

How do you calculate the total cost of items on a shopping list?

Back

Add the prices of all items together to find the total cost.

Tags

CCSS.3.OA.D.8

Front

What is a fraction?

Back

Tags

CCSS.3.NF.A.1

CCSS.3.NF.A.2B

Front

What does dividing a fraction by a whole number mean?

Back

Dividing a fraction by a whole number means you are splitting the fraction into that many equal parts.

Front

What is the relationship between gross income and net income?

Back

Net income is derived from gross income by subtracting taxes and other deductions.

Tags

CCSS.7.RP.A.3

Front

What is the purpose of a budget?

Back

The purpose of a budget is to help individuals manage their money effectively, ensuring they do not overspend.