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