Financial Literacy Vocabulary, without pictures, Topic 16

taxes
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Terms in this set (16)
taxes
Money people pay to support the government.
sales tax
Tax paid when you buy something.
property tax
This is paid when you own property such as a home.
income tax
This is the tax you pay when you earn money.
gross income
The total amount of money you earn.
net income
The amount of money you receive after deductions are subtracted from what you make.
debit
Money taken from your account.
deposit
Money put into your account.
balance
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.
budgetA plan for how much income will be received and how it will be spent.credit cardKeeps 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)debit cardFast 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)write a checkGet 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)payroll taxesEmployers take this out of your paycheck to send money to the state and/or federal government.electronic paymentUses the Internet to tell your bank to pay your bills with money from your checking account.