Personal Financial Literacy

Front

What is a rebate?

Back

An amount paid by way of reduction, return, or refund on what has already been paid or contributed.

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What type of tax do you pay on a house?

Back

Property tax.

Front

What is a budget?

Back

An estimate of income and spending for a set period of time, usually by month or year.

Front

What is the main similarity between credit cards and debit cards?

Back

Debit cards and credit cards are accepted at most places and are safer and easier to pay with than cash.

Front

What is net income?

Back

Money you receive after taxes.

Front

What is gross income?

Back

The total income earned before any deductions or taxes.

Front

What is the purpose of a budget?

Back

To plan and track income and expenses over a specific period.

Front

What is a credit card?

Back

A card that allows you to borrow money from a bank to make purchases, which you pay back later.

Front

What is a debit card?

Back

A card that allows you to access your bank account to make purchases directly.

Front

What is the difference between gross income and net income?

Back

Gross income is the total income before deductions; net income is what you take home after taxes.