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The way you use and handle money
Finance
To receive money as payment for work that you do
Earn
Money that is earned from work
Income
Something you have to have for survival
Need
Something you would like to have such as a toy
Want
A plan you make to help spend or save money wisely
Budget
Not spending money because of a goal or other reason
Save
The price or amount you pay for something.
Cost
Cost that does not change from month to month
Fixed expense
Expenses that are not considered essential to the household or business. Ex. movie tickets, eating out, expensive clothes
Discretionary Expenses
Expenses that arise occasionally throughout the year. Ex. Doc/dentist appt, car maintenance
Periodic Expenses
Expenses that change from month to month. Ex. Credit card bill
Money put into a bank account
Deposit
Money taken out of a bank account
Withdrawal
Total income BEFORE taxes are taken out
Gross Income
Total income AFTER taxes are taken out
Net Income
A tax on the amount of money that you earn
Income tax
A tax added to the cost of goods and services
A tax on the value of items such as cars, houses, boats, or land.
Property Tax
A bank card that automatically deducts the amount of a purchase from the checking account.
Debit Card
A card that allows you to buy things now and pay for them later. You pay the statement once a month.
Credit Card
Money that is collected from people and businesses by the government.
Taxes
A situation in which the government spends more than it takes in.
Budget Deficit
A tax used to pay for Social Security, Medicare, the President, and the Military.
Federal Taxes
Taxes that typically pay for things like schools, fire trucks, and the police.
County and City Taxes