Financial literacy 5th grade

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What is gross income?

Back

Gross income is the amount of income before taxes are paid.

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What is net income?

Back

Net income is the amount of income after taxes and other deductions are taken out.

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What is a budget?

Back

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

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What is a savings account?

Back

A savings account is a bank account that earns interest on the money deposited.

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What is interest?

Back

Interest is the money paid to a lender for the use of borrowed money, or the money earned on savings.

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What is a tax?

Back

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

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What is sales tax?

Back

Sales tax is a tax added to the price of goods and services at the time of purchase.

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What is a receipt?

Back

A receipt is a document that proves a purchase was made and shows the amount paid.

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What is a loan?

Back

A loan is money borrowed that is expected to be paid back with interest.

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What is an expense?

Back

An expense is any cost incurred in the process of earning income.