Personal Financial Literacy Review

Four Types

of Taxes…

Four Main Payment Methods

Takes money from your
bank account
Plastic Card

Borrows money that you
have to pay back
Plastic Card

Send money from your
bank account by an app
Scan phone at a register

Debit Card

Credit Card

Electronic Payment

Takes money from your
bank account
Have to write it out

Check

Gross Income vs Net Income

●Gross Income is the total amount of money you make before taxes are deducted

●Net income is the amount of money you receive after taxes

●Deductions are the taxes taken out of your income

●G-D=N

Fixed Expenses vs Variable Expenses

Fixed expenses do not change from month to month

ex) rent, car payment, wifi payment

Variable expenses do change from month to month

ex) water, electricity, food

A balanced budget is when…