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Financial Literacy Vocabulary, without pictures, Topic 16

Terms in this set (16)

Money people pay to support the government.

Tax paid when you buy something.

This is paid when you own property such as a home.

This is the tax you pay when you earn money.

The total amount of money you earn.

The amount of money you receive after deductions are subtracted from what you make.

Money taken from your account.

Money put into your account.

The amount of money in your account.

balanced budget

When the total amount of money saved, shared, and spent is equal to the total income.

A plan for how much income will be received and how it will be spent.

Keeps a record of money spent (may have to pay fees)
Fast and easy (can spend more than you have)
Accepted most places.
Works like a loan (you may have to pay interest)

Fast and easy (may not be accepted)
Get a record of money spent (may spend more than you budgeted)
Works like an electronic check (money immediately removed from your account)

Get a record of money spent (may not be accepted)
Safe way to mail a payment (may have bank fees)
-Takes time to fill out while others are waiting
-Can spend more than you have (against the law)

Employers take this out of your paycheck to send money to the state and/or federal government.

electronic payment

Uses the Internet to tell your bank to pay your bills with money from your checking account.

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