taxes and budget review

Front

What is a deduction?

Back

A deduction is money taken out of your income.

Front

What is a tax paid on property you own?

Back

Property Tax.

Front

What is gross income?

Back

Gross income is the total amount of money you earn.

Front

What can Mishail do to balance her budget if her income is $80 and expenses are $100?

Back

Mishail can decrease expenses and increase income.

Front

What is net income?

Back

Net income is the amount of money you receive after deductions are subtracted.

Front

What is income tax?

Back

Income tax is a tax on the money you earn from working.

Front

What is sales tax?

Back

Sales tax is a tax added to the price of goods and services at the time of purchase.

Front

What does it mean to balance a budget?

Back

To balance a budget means to ensure that income equals expenses.

Front

What is a budget?

Back

A budget is a plan for how to spend and save money.

Front

What is the purpose of taxes?

Back

The purpose of taxes is to fund government services and programs.