LIFE VOCAB 1

an initial payment made when something is bought on credit.

• Down Payment
• Tenant

a tenant's regular payment to a landlord for the use of property or land.

• Rent
• Down Payment

a person who occupies land or property rented from a landlord.

• Tenant
• Rent

the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

• Interest Rate
• Income

money you bring in on a regular basis through your job, investments or other source. In terms of making a budget, be sure to use your take-home pay, which is your income after taxes, benefits and other deductions.

• Income
• Interest Rate

an individual consists of income from wages and salary plus other forms of income, including pensions, interest, dividends, and rental income.

• Gross Income
• Net Earnings

gross profit minus all other expenses and costs as well as any other income and revenue sources that are not included in gross income.

• Net Earnings
• Salary

a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.

• Salary
• Tax Deductions

an item you can subtract from your taxable income to lower the amount of taxes you owe.

• Tax Deductions
• Budget

an estimation of your income and expenses. It allows you to track and plan how you will spend your money, which can help you make financial decisions around paying off debt and saving for retirement.

• Budget
• Expenses