Financial Literacy

Balance - Is ALL the money in your bank account. Balanced Budget - Occurs when the Total amount of money spent, saved, and shared equals total income. Budget - A plan for how much income will be received and how it will be spent. 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.... Debit - Money taken straight out of your bank account. Deduction - The act of subtraction, take away Deposit - Money you put into your bank account. Gross Income - Is the total amount of money YOU earn. Income Tax - A tax is paid on an income, especially a yearly government tax on personal income. Net Income - Is the amount of money you receive after deductions are subtracted from your Gross Income. Property Tax - A tax is paid on a personal property, like on a house. Sales Tax - A tax is paid on receipts from sales (stores, etc) when you buy things. Taxes - Money people pay to support the government.