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Financial Literacy Vocabulary Words
Test Description: Financial
Instructions: Answer all questions to get your test result.
1) Financial Record
A
a formal record of transactions made by an individual, business, or organization
B
a budget in which your total expenses are not more than your total income.
C
a plan for using money, usually for a month or a year
D
secure payments made on the internet
2) Budget
A
a plan for using money, usually for a month or a year
B
a budget in which your total expenses are not more than your total income.
C
something spent: a payment for goods or services.
D
a small table or chart used to track deposits added and expenses taken from an account.
3) Transaction
A
total money available BEFORE all deductions have been subtracted.
B
a plan for using money, usually for a month or a year.
C
the exchange of money between two parties
D
something spent: a payment for goods or services
4) Net Salary/Income
A
something spent: a payment for goods or services
B
secure payment made on the internet
C
the exchange of money between two people
D
money available AFTER all deductions have been subtracted.
5) Gross salary
A
Secure money paid on the internet.
B
Total money available BEFORE all deductions are taken.
C
The exchange of money between two parties.
D
Total money available AFTER all deductions have been subtracted.
6) Payroll Tax
A
a tax paid on retail products
B
a plan for using money, usually for a month or a yea
C
a book used to record financial transactions, especially as a final record
D
a tax deduction from a paycheck that includes Social Security and Medicare taxes
7) Sales Tax
A
a budget in which your total expenses are not more than your total income.
B
a tax paid on retail products (goods or services): a set percentage of the cost.
C
a tax paid yearly to the local government based on the value of the land and its structures.
D
a formal record of transactions made by an individual, business, or organization
8) Property taxes
A
a formal record of transactions made by an individual, business, or organization
B
a tax paid yearly to the local government based on the value of the land and its structure.
C
a tax paid on retail products (goods or services): a set percentage of the cost.
D
a plan for using money, usually for a month or a year
9) Balance budget
A
a formal record of transactions made by an individual, business, or organization
B
a plan for using money, usually for a month or a year.
C
a budget in which your total expenses are not more than your total income.
D
money paid to the federal government based on an individuals income.
10) Expenses
A
a formal record of transactions made by an individual, business, or organization
B
a budget in which your total expenses are not more than your total income.
C
something spent: a payment for goods or services.
D
a plan for using money, usually for a month or a year
*select an answer for all questions
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