Financial Literacy Awareness 101: Vocabulary for Junior Achievers
Did you know? In 2003, the U.S. Senate declared the month of April to be Financial Literacy Awareness month.
It’s never too early to think about your financial future, so we’ve created a Financial Vocabulary List to help steer the course for your children, grandchildren, nieces and nephews. You can make flash cards, create a spelling test, or just sit together and talk about what it means to save and spend money.
Balance: The amount remaining in one account after all deposits and withdrawals are considered.
Budget: A daily, weekly, monthly or yearly plan with spending and savings goals and amounts listed.
Expense: The cost required for something/the money spent on something.
Income: Money earned or received.
Gross income: The amount of money earned prior to deductions and taxes.
Net income: The amount of money paid to you after deductions and taxes.
Taxes: Contributions to local, state, and federal governments, contributed through income, business profits, or through the sale of goods, services, and transactions.
Income Tax: Money paid to local, state, and federal governments based on an individual’s income (as required by law).
Payroll Taxes: Money that a company withholds from employees for the federal governments (as required by law).
Property Tax: Money collected on the value of property for the local government (as required by law).
Sales Tax: Money collected by a store or retailer in addition to goods or services purchased for the local government (as required by law).
Transaction: Specific time or moment when money exchanges hands.
Junior Achievement=Future Achiever
Need help practicing financial goals online? Googolplex with AECU provides fun, interactive games and blogs—even comics—available whenever you need them.