Financial Literacy Review

Front

What payment methods can Ashley use from her checking account?

Back

Ashley can use a debit card or a check.

Front

What is withheld from a paycheck to fund government services?

Back

Income tax is withheld from a paycheck to fund government services.

Front

When using a debit card, when do you pay?

Back

You pay now when using a debit card.

Front

What type of tax does Jonathan pay on his new clothes?

Back

Jonathan pays Sales Tax on his new clothes.

Front

If Jenny's net pay is $320 after deductions, how much did she make before deductions?

Back

Jenny made $410 before deductions.

Front

What is a debit card?

Back

A debit card is a payment card that deducts money directly from a checking account.

Front

What is income tax?

Back

Income tax is a tax imposed on individuals or entities based on their income.

Front

What is sales tax?

Back

Sales tax is a tax on sales of goods and services, usually calculated as a percentage of the sale price.

Front

What is payroll tax?

Back

Payroll tax is a tax that employers withhold from employees' wages to fund social security and Medicare.

Front

What is net pay?

Back

Net pay is the amount of money an employee takes home after deductions.