Budgeting, taxes, loans, and basic personal finance math concepts for a high school financial literacy unit. Front: the term or scenario. Back: a plain-language definition or how to calculate it.
30 cards · basic cards · AI-written, checked twice. Edit anything.
- What is a budget?
- A plan showing how you will spend your money over a set period.
- What is income?
- Money you receive, typically from working a job or from investments.
- What is an expense?
- Money you spend on goods or services.
- What is a fixed expense?
- An expense that costs the same amount each month, like rent or insurance.
- What is a variable expense?
- An expense that changes from month to month, like groceries or gas.
- How do you calculate net income?
- Subtract total expenses from total income.
- What is gross income?
- Your total income before taxes and other deductions are removed.
- What is income tax?
- A tax on wages or earnings paid to federal, state, or local government.
- What is a tax bracket?
- A range of income amounts that are taxed at a specific rate.
- What are FICA taxes?
- Taxes that fund Social Security and Medicare, withheld from paychecks.
- What is a marginal tax rate?
- The tax rate applied to your highest income dollars.
- What is an effective tax rate?
- Your total taxes divided by your total income, expressed as a percentage.
- What is a tax deduction?
- An expense you subtract from your income to lower the amount that gets taxed.
- What is a tax credit?
- A dollar-for-dollar reduction in taxes owed, more valuable than a deduction.
- What is a W-4 form?
- A form you give your employer to tell them how much income tax to withhold from your pay.