Financial Literacy Vocabulary Terms

Grace received her paycheck and wants to know what her income is BEFORE taxes are taken out. (a)  

• Net Income

• Gross Income

• Deductions

• Taxes

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

After receiving her paycheck, Sophia noticed that the income AFTER taxes are taken out is called (a)  

• Net Income

• Gross Income

• Taxable Income

• Disposable Income

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

Match the following types of taxes with their descriptions.

• Tax imposed on real estate properties.

• property tax

• Tax on individual or corporate earnings.

• income tax

• Tax levied on wages and salaries.

• sales tax

• Tax added to the cost of goods and services.

• payroll tax

Arjun just started his first job, and he noticed that a certain amount of money is being withheld from his earnings by his employer. This is known as (a)  

• Tax

• Insurance

• Retirement Fund

• Savings

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

Money paid to a city, town, or state government or to the U.S. government based on income.

• payroll tax

• property tax

• income tax

• sales tax

Tags

CCSS.7.RP.A.3

Mason went to the mall and wanted to buy a new pair of shoes. He used an identification card issued by his bank that allowed him to immediately remove money from his account to pay for the shoes. What type of card did Mason use?

• credit card

• debit card

• id card

• drivers license

Aria received her monthly salary. What is this money called?

• income

• interest

• loan

• tax

Tags

CCSS.L.6.6

CCSS.RI.4.4

CCSS.RI.5.4

CCSS.W.5.2D

CCSS.W.6.2D

Samuel is planning his monthly expenses and savings. What is this organized plan called?

• bank

• budget

• borrow

• income

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

An identification card issued by a bank that allows a user to buy items and services immediately and pay the cost at a later time is called a (a)   . The bank might charge interest in exchange for the use of the money.

• debit card
• credit card
• id card
• income card

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

To take money out of an account, you need to make a (a)  

• withdrawal

• deposit

• transfer

• check