Budgeting
This term refers to the money you earn before taxes and other deductions.
Gross Income
This term refers to the total amount of tax owed to the government after all deductions and credits have been applied.
Taxable Income
This term describes money saved for future use, often kept separate from everyday spending.
Savings account
This common method of payment allows consumers to make purchases using borrowed money that must be paid back later.
Credit Card
This term refers to the maximum amount of money that can be borrowed on a credit card.
Credit Limit
This is the difference between your income and your expenses.
Net Income
This tax allows local governments fund public services and is based on the assessed value of real property.
Property Tax
This term refers to the interest earned on both the initial principal and the interest that has already been added to the account.
This type of payment method allows users to send and receive money through a mobile app, often linked to their bank account.
Mobile Payment
This fee is often charged if a credit card balance is not paid in full by the due date.
A budget that allocates funds for fixed expenses, variable expenses, and discretionary spending is known as this type of budget.
Zero-based Budget
This tax is typically paid on the sale of goods and services and is often included in the purchase price.
Sales Tax
This financial goal is often recommended as a cushion to cover three to six months worth of living expenses.
Emergency Fund
This term refers to the regular payment made towards the principal and interest on a loan, such as a mortgage or car loan.
Installment Payment
This credit card feature allows you to transfer a balance from one card to another, often to take advantage of lower interest rates.
Balance Transfer
This term describes an unexpected expense that can disrupt your budget, such as a car repair or medical bill.
Emergency Expense
This term describes when a person intentionally provides false information on a tax return to lower their tax bill.
Tax Evasion
This strategy involves setting aside a specific percentage of your income each month to reach a savings goal.
Savings Plan
This type of payment allows consumers to pay for large purchases in smaller, more manageable installments over time, often with interest.
Financing Plan
This type of credit card offers benefits like travel insurance, purchase protection, and extended warranties, often with an annual fee.
Premium Credit Card
This financial document outlines projected revenues and expenses over a specific period, often used by businesses and governments to plan for future financial performance.
Financial Budget
This tax system, where the tax rate increases as income increases, is often referred to as a progressive tax system.
Progressive Tax
This method of saving involves dividing your income into different categories. This is also referred as the "envelope system".
Budgeting Method
This method of payment involves a legally binding agreement to pay a specific amount over a defined period, often secured by an asset.
Loan Agreement
Business Credit Card