Receipts Flashcard

Front

What is tax?

Back

A tax is a financial charge imposed by a government on individuals or businesses, usually calculated as a percentage of income or sales.

Front

Why is it important to read receipts?

Back

Reading receipts is important to keep track of expenses, verify purchases, and identify any fraudulent charges.

Front

What is the purpose of a receipt?

Back

The purpose of a receipt is to provide proof of purchase and record transaction details.

Front

What is a subtotal?

Back

A subtotal is the total amount of money before tax and additional charges are added.

Front

What information can you find on a receipt?

Back

A receipt typically includes the date of purchase, items bought, prices, tax amount, and the total amount paid.

Front

What does it mean to verify a purchase?

Back

To verify a purchase means to check that the items listed on the receipt match what was actually bought.

Front

How can receipts help in budgeting?

Back

Receipts help in budgeting by providing a record of spending, which can be analyzed to manage finances better.

Front

What is the difference between gross and net amount?

Back

The gross amount is the total before any deductions (like tax), while the net amount is what you actually pay after deductions.

Front

What is a fraudulent charge?

Back

A fraudulent charge is an unauthorized transaction that appears on a receipt or bank statement.

Front

Why might someone keep receipts?

Back

Someone might keep receipts to track expenses, return items, or for tax purposes.