Personal Financial Literacy

Front

What type of tax do you pay for items like Cheetos and soda?

Back

Sales tax is a tax paid on the purchase of goods and services.

Front

What is the term for money you receive before taxes are taken out?

Back

Gross income is the total amount of money earned before any deductions.

Front

What does ATM stand for?

Back

ATM stands for Automated Teller Machine, which allows bank customers to deposit or withdraw money.

Front

What is considered a 'need' in budgeting?

Back

A need is an essential expense, such as money to pay for your house.

Front

If Jan babysits for $7 each time, how many times does she need to babysit to save $35?

Back

Jan needs to babysit 5 times to save $35.

Front

What is net income?

Back

Net income is the amount of money you take home after taxes and deductions.

Front

What is a budget?

Back

A budget is a plan that outlines how much money you expect to earn and spend over a certain period.

Front

What is the purpose of saving money?

Back

Saving money helps you prepare for future expenses and emergencies.

Front

What is a bank?

Back

A bank is a financial institution that accepts deposits, offers loans, and provides other financial services.

Front

What is the difference between a want and a need?

Back

A want is something you desire but can live without, while a need is essential for survival.