Personal Budget

___________ tax is a percentage of your income collected by the ____________________ to help pay for services like police, firefighters, and _________________.

A budget is

• unnecessary because my parents pay for everything.

• a plan for how you will spend money.

• includes your income and expenses for a period of time.

• only people grown ups to know about.

Gross income...

• is disgusting

• is the amount of money you earn after taxes are taken.

• is the amount of money you earn before taxes are taken out.

• is a made up phrase.

What is net income?

When your income is equal to your expenses and you do not spend more than you earn, it is called....

• superfluous spender

• cranky cookie

• smart saver

• balanced budget

What is the definition of an expense?