personal finance (Budgeting, checks, taxes, credit, debit)

Front

What is a check?

Back

A check is a written order directing a bank to pay a specific amount of money from a person's account to another person or entity.

Tags

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.3

CCSS.RI.8.5

CCSS.RI.9-10.5

Front

Is a check a form of investing?

Back

False

Front

What is a debit card?

Back

A debit card is a payment card that deducts money directly from a consumer's checking account to pay for a purchase.

Tags

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.3

CCSS.RI.8.5

Front

What happens when you write a check from your checking account?

Back

The amount of the check will be subtracted from your account.

Front

What is net income?

Back

Net income is the amount of money that remains after all deductions, such as taxes and other expenses, have been subtracted from gross income.

Front

If Lisa makes $15.00 an hour and works 40 hours a week, what is her gross income?

Back

$600.00 (15.00 x 40)

Tags

CCSS.7.EE.B.3

Front

What is the difference between a debit and a credit?

Back

A debit is money taken out of your account, while a credit is money added to your account.

Front

What is a budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period.

Tags

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.3

CCSS.RI.8.5

CCSS.RI.9-10.5

Front

Why is budgeting important?

Back

Budgeting helps individuals manage their finances, track spending, and save for future goals.

Front

What is a tax?

Back

A tax is a mandatory financial charge or levy imposed by a government on individuals or businesses.

Tags

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5