Financial Literacy Study Guide Test.
credit - CORRECT ANSWER an amount of money that a lender or business allows a person to use to purchase goods and services with a promise to repay the money, usually with interest
lender - CORRECT ANSWER a person or business that loans money
interest ...
credit - CORRECT ANSWER an amount of money that a lender or business allows a person to use to
purchase goods and services with a promise to repay the money, usually with interest
lender - CORRECT ANSWER a person or business that loans money
interest - CORRECT ANSWER money paid by a borrower in exchange for using a lender's money for a
certain period of time
borrower - CORRECT ANSWER someone who is borrowing money with a plan to pay it back
income tax - CORRECT ANSWER a yearly federal tax on a person's earnings
payroll tax - CORRECT ANSWER money withheld from a worker's paycheck to fund federal programs
such as Social Security and Medicare
sales tax - CORRECT ANSWER a city or state tax added to the price of an item you buy
property tax - CORRECT ANSWER a yearly tax on homes, land, and other property that helps pay for local
needs such as schools, firefighters, etc.
gross income - CORRECT ANSWER the total amount of money a worker earns BEFORE taxes and other
deductions are withheld
net income - CORRECT ANSWER the total amount of money a worker takes home AFTER taxes and other
deductions are withheld
debit card - CORRECT ANSWER a card issued by a bank that a consumer uses to pay for purchases with
money from a checking account
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