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Financial Literacy Vocabulary
Test Description: Vocabulary Terms for 5th Grade Financial Literacy
Instructions: Answer all questions to get your test result.
1) The exchange of money between two parties
A
Income
B
Budget
C
Debit Card
D
Transaction
2) Money available AFTER all deductions are taken
A
Net Salary
B
Income Tax
C
Expenses
D
Gross Salary
3) Total money available BEFORE all deductions are taken
A
Budget
B
Payroll Tax
C
Net Salary
D
Gross Salary
4) A tax deducted from a paycheck that includes Social Security and Medicare taxes
A
Sales Tax
B
Income Tax
C
Property Tax
D
Payroll Tax
5) A plan for using money, usually for a month or a year
A
Budget
B
Expenses
C
Income
D
Transaction
6) Secure payment made on the internet
A
Debit Card
B
Electronic Payment
C
Balanced Budget
D
Income
7) Money paid to the federal government based on an individual's income
A
Electronic Payment
B
Expenses
C
Income
D
Income Tax
8) A card used to pay for goods or services where the money is immediately taken from the cardholder's bank account
A
Debit Card
B
Expenses
C
Income Tax
D
Credit Card
9) A card used where you buy things on credit and pay it back
A
Debit Card
B
Budget
C
Electronic Payment
D
Credit Card
10) A tax paid on retail products (goods or services); a set percentage of the cost
A
Gross Salary
B
Property Tax
C
Sales Tax
D
Payroll Tax
11) A tax paid yearly to the local government based on the value of the land and its structures
A
Sales Tax
B
Payroll Tax
C
Income Tax
D
Property Tax
12) A budget in which your total expenses are equal to your total income
A
Transaction
B
Balanced Budget
C
Net Salary
D
Electronic Payment
13) Something spent; a payment for goods or services
A
Budget
B
Income
C
Net Salary
D
Expenses
14) money earned or received
A
Payroll Tax
B
Credit Card
C
Income
D
Expenses
*select an answer for all questions
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