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5th Grade Financial
Term | Definition |
---|---|
Budget | A plan for how much income will be received and how it will be spent. |
Property | That which a person owns; the possession or possessions of a particular owner: |
Payroll | A list of employees to be paid, with the amount due to each. |
Expense | The amount of money spent. |
Balanced Budget | A budget in which the total amount of money spent, saved, and shared equals total income. |
Deposit | Money put into a person’s account. |
Gross Income | The total amount of money a person earns. |
Net Income | The amount of money a person receives after deductions are taken from gross income. |
Taxes | Money people pay to support the government. |
Property taxes | Money people pay to support the government for their property |
Payroll Tax | Money people pay to support the government for their pay to employees |
Sales Tax | Money people pay to support the government for things they buy |
Income Tax | Money people pay to support the government based on their yearly income |
Deductions | Money take out of income |
Wages | Money paid by an employer to an employee in exchange for work |
Employee | someone who works for a person or business in return for pay. |
Employer | a person or business that pays others to work |