| A | B |
|---|
| taxes | money people pay to the government |
| net income | the amount of money you receive after deductions are subtracted |
| gross income | the total amount of money you earn |
| deposit/credit | money going into your account |
| debit | money you pay out of your account; a debt |
| fixed expense | an expense that happens regularly; you cannot change it |
| budget | a plan for how much income will be received and how it will be spent, saved, and shared. |
| balanced budget | happens when the total amount spent, saved, and shared equals total income |
| deducations | money taken out of your gross income, including payroll taxes, health insurance, etc. |
| sales tax | money paid when you buy something |
| property tax | tax paid when you own property, such as a home |
| income tax | tax paid when you earn money |
