Module 7 Vocabulary Exam

to adjust your budget or bank account with your check register, to make sure the records match and are accurate

• balance

• register

• budget

• expense

a monthly or yearly spending and savings plan for an individual, family, business, or organization

• budget

• credit card

• transaction

• balance

a written document telling the bank to pay a specific amount of money from your account to a specific person or organization

• check

• debit card

• register

• expense

a card that can be used to borrow money from banks, stores, or other businesses in order to buy products and services on credit

• credit card

• check

• debit card

• sales tax

a card that is linked to your checking account so that a person can withdraw money, make deposits, or make purchases at a store

• debit card

• credit card

• check

• transaction

payment for goods and services

• expense

• transaction

• budget

• income

the total amount of personal income prior to taxes and deductions

• gross income

• net income

• income tax

• expense

money earned or received

• income

• budget

• transaction

• debit card

the income that remains after taxes and other deductions are taken from an individual’s gross income

• net income

• gross income

• income tax

• budget

Match the following

• sales tax

• money paid to the government based on an individual’s income

• income tax

• the amount of money collected on the value of a property for the local government

• property tax

• the amount of money that a company withholds from its employees for the federal government

• payroll tax

• money collected by a store (retailer), that is added to your purchase, for the local government