Financial Vocabulary Day-1

Leon earns $15 per hour. He worked 40 hours last week and earned $600. He received a paycheck of $475. What type of tax did he pay?

• Payroll Tax
• Income tax
• Sales tax
• Property tax

Kathy received a paycheck for $685 after taxes and deductions. What type of income did she receive?

• Net income
• Gross income
• Payroll income
• None of the above

What statement defines gross income?

• Gross income is the amount of income after taxes are paid.
• Gross income is the amount of taxes paid.
• Gross income is the amount of income before taxes are paid
• Gross income is the amount of income of buying goods and services

Money you make before taxes...

• Gross Income
• Net Income
• Disposable Income
• Discretionary Income

A tax on earned income, paid by the employer out of an employee's paycheck. This tax is used for social security and medicare.

• Government tax
• Property tax
• Payroll tax
• Sales tax

The amount of income left after taxes and other deductions are taken out.

• Gross Pay
• Surplus
• Deficit
• Net Pay

A place for you to keep money at a bank or credit union

• account

• credit card

• debit card

• check

Money that you owe for things like utilities

• budget

• bills

• checking account

• account

A signed paper that tells a bank or credit union to give someone a specific amount of money from your account. 

• check

• deposit

• teller

• savings account

a card you use to borrow money and make purchases up to a certain limit and then pay it back later with interest. 

• credit card

• debit card

• deposit

• checking account