Chapter 10 Lesson 1 What Happened to My Money?

What is Gross Income?

• Spending more than you earn

• The amount you earn before taxes and other payroll deductions

• The amount you earn after taxes and other payroll deductions

• The total amount of debt a country owes

What does Net Income refer to?

• A one-year period used for financial reporting

• The total amount of debt a country owes

• The amount you earn before taxes and other payroll deductions

• What a person earns after payroll taxes and other deductions are taken out

What are Withholdings?

• The total amount of debt a country owes

• Spending more than you earn

• A one-year period used for financial reporting

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

What is a Fiscal Year?

• The total amount of debt a country owes

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

• The amount you earn before taxes and other payroll deductions

• Spending more than you earn

What is Deficit Spending?

• The amount you earn before taxes and other payroll deductions

• Spending more than you earn

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

• A one-year period used for financial reporting