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FIS 5th Grade Finance Vocabulary

Terms in this set (23)

tax
money paid to the government in exchange for services, such as road maintenance, the military, and police protection
income tax
a tax based on the amount of money you earn
income
the money you earn
payroll tax
the total tax an employer withholds, two types are Social Security and Medicare
sales tax
the money added to the cost of items and services, usually paid to city or state governments
retail price
the price the customer pays for items and services, associated with sales tax
property tax
a tax based on a portion of the value of items, usually on items such as houses, cars, land, etc.
gross income
total income before income or other payroll taxes are taken out of it, the amount of money you earn
net income
the amount of income that is left after taxes are taken out of it
check
a written order asking a bank to pay a certain amount from your account, provides a place to record expenses, considered bulky and time consuming to write out
credit card
an identification card issued by a bank that allows a user to buy items and services immediately and pay the cost at a later time, buy now-pay later, convenient, charges a fee
debit card
an identification card issued by a bank that allows a you to immediately use money from your account, more convenient and accepted more places than checks
money transfer
a service that sends money immediately from your account to a seller, ex. Pay Pal
automatic payments
can be set up to transfer a set amount of money from your account at specific times
financial record
a detailed list of money received, paid, and available
balanced budget
when expenses equal income
budget adjustment
a decrease in spending or an increase in income in order to balance a budget, necessary to help you manage your money
interest
a fee charged for the use of a bank's money
gross pay
rate of pay multiplied by the number of hours worked
bank statement
summary of deposits, withdrawals, and interest earned
expense
an amount of money spent
fixed expense
an amount of money spent that does not change
variable expense
an amount of money spent that does change
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