Ms Slay's Financial Literacy Words

Taxes

Money people pay to support the government.

Sales Tax

A tax is paid on receipts from sales (stores, etc) when you buy things.

Property Tax

A tax is paid on a personal property, like on a house.

Income Tax

A tax is paid on an income, especially a yearly government tax on personal income.

Gross Income

Is the total amount of money YOU earn.

Deduction

The act of subtraction, take away

Net Income

Is the amount of money you receive after deductions are subtracted from your Gross Income.

Deposit

Money you put into your bank account.

Balance

Is ALL the money in your bank account.

Budget

A plan for how much income will be received and how it will be spent.

Balanced Budget

Occurs when the Total amount of money spent, saved, and shared equals total income.

Debit

Money taken straight out of your bank account.

Check

A bank check is a check that you draw from your banking account for payment.

Credit

When you borrow money from the bank, the bank is giving you....