Budget - A plan for your money., Balanced Budget - When the total amount of expenses (money spent, saved and shared) equals total income., Gross Income - The total amount of money you earn BEFORE deductions., Net Income - The amount of money you receive after deductions are subtracted from your gross income., Property Tax - Taxes that you pay on your house or land., Payroll Tax - Taxes that employers take out of their employees paychecks and send the money to the federal or state government., Sales Tax - Taxes paid on the purchase of goods and services and collected by the seller, Income Tax - Taxes on the income of person or business., Interest - The additional amount you have to pay when you buy something now and pay for it later., Income - The money put into your bank account., Debit - The money taken out of your account such as when you write a check, use a debit card, get cash or transfer money to another account., Balance - The money in your account. It changes whenever you make a deposit or have a debit., Taxes - Money that people pay to support the government.,

Economics Vocab

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