Personal Finance

Front

What is the term for the money you make from your job or providing a service?

Back

Income

Front

What do you call the taxes you pay for owning land or a building?

Back

Property tax

Front

What is the term for an estimate of income and expenses over a specific period?

Back

Budget

Front

What is the term for the money you earn before taxes and deductions?

Back

Gross income

Front

What do you call the money that an employer pays to the government on behalf of an employee?

Back

Payroll taxes

Front

What is the difference between gross income and net income?

Back

Gross income is the total earnings before deductions, while net income is what you take home after taxes and deductions.

Front

What is a budget surplus?

Back

A budget surplus occurs when income exceeds expenses.

Front

What is a budget deficit?

Back

A budget deficit occurs when expenses exceed income.

Front

What is the purpose of a personal budget?

Back

To plan and track income and expenses to manage finances effectively.

Front

What is the term for the amount of money left after all expenses have been paid?

Back

Net income