Financial Terms Flashcards

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Gross Income

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The amount you earn before taxes and other payroll deductions.

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Net Income

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What a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay.

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Withholdings

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The portion of an employee’s pay held back to cover taxes and other deductions.

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Fiscal Year

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A one-year period that governments or companies use for financial reporting.

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Deficit Spending

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Spending more than you earn; an economic policy in which the government spends public funds raised by borrowing rather than by taxation.

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National Debt

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The total amount of debt a country owes to companies and other countries as a result of deficit spending.