Financial Literacy

Money paid to the government

• Budget
• Fees
• Taxes
• Food stamps

The study of banking and money in this unit is called

• Banking Literacy
• Money Literacy
• Math literacy
• Financial Literacy

money earned or received

• Expenses
• Income
• Deductions
• Check

the income that remains after taxes and other deductions

• Net Income
• Gross income

Tax the boss takes out of your check for social security and medicare

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

when your expenses and Income are equal

• net income
• gross income
• balanced budget
• great

the total amount of personal income before taxes and deductions 

• Net Income
• Gross Income

Money taken out your income

• gross
• net
• deductions
• expenses

Tom's net income was $400.  His gross income was $440.  How much was taken out for deductions?

• $840
• $40
• $98
• $4

Tax on money from a job, paid once a year on April 15 to the IRS

• Payroll tax
• Coupons
• Sales Tax
• Income Tax