Types of payment
Accepted everywhere. No charge for use. If it's lost it can't be replaced.
Cash
All of the money you make, before taxes are taken out.
Gross Income
Putting money into a bank account.
Deposit
Attached to a bank account. Must reorder when they are out. Some places will not accept it.
Check
All the money you have left from a paycheck after taxes have been taken out.
Net income
Taking money out of a bank account.
Withdrawal or debit
Connected to a bank account. Takes money directly from the account. No interest. Can be replaced if lost or stolen. Accepted most places.
Debit Card
A tax on the amount of money you earn for the whole year.
Income tax
A plan for spending money each month to ensure that you don't run out of money for the important things.
Budget
Borrowed money that you must pay back with interest. Usually comes from a bank. Can be for business or personal use, but you must apply for it.
Loan
A tax added to the cost of items and services.
Sales Tax
The act of subtracting expenses from income throughout the month in order to know how much money you have left.
Balancing a budget
Card that is borrowed money. Must be paid back with interest. Accepted most places. Can be replaced if lost or stolen.
Credit card
A tax on the value of items such as houses, land, cars, or boats.
Property Tax
Happened in 1929. The stock market crashed and banks had to close because too many people took their money out and/or weren't able to pay back loans. People lost everything because they had used credit to buy stock.
Black Tuesday/Great depression