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5th Grade Financial

TermDefinition
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
Created by: jzschau
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