Topic 16- 5th Grade Math Vocabulary

INCOME

• Money earned for work people do.

• A type of investment that generates profit.

• A tax levied on personal earnings.

• A government subsidy for low-income families.

DEBIT

• Money taken out of your account.

• Money added to your account.

• A type of loan.

• A form of investment.

BUDGET

• A plan for how much income will be received and how it will be spent.

• A document that lists all the expenses for a business.

• A strategy for increasing savings over time.

• A record of past financial transactions.

BALANCED BUDGET

• A budget where expenditures exceed income.

• A budget where total income equals total expenditures.

• A budget that only includes savings and investments.

• A budget that is not monitored regularly.

SALES TAX

• A fee paid to the seller for their services.

• Money paid to the government on the sale of certain items. It is a percentage of the cost of the item.

• A discount applied to the total purchase price.

• A charge for delivery of goods.

PAYROLL TAX

• Money deducted from salaries to pay the government.

• A tax on profits made by businesses.

• A fee for processing employee payments.

• A tax on property ownership.

EXPENSES

• The amount paid for a good or a service.

• A type of income generated from investments.

• The total revenue earned by a business.

• A financial statement summarizing assets and liabilities.

TAX

• Money that you pay to support the government.

• A type of investment that generates income.

• A fee charged for services rendered by the government.

• A penalty for not following laws.

GROSS INCOME

• The total amount of money that you earn.

• The amount of money after taxes are deducted.

• The total expenses incurred during a period.

• The net profit after all deductions.

DEPOSIT

• Money put into your bank account.

• A fee charged by the bank for services.

• A type of loan from the bank.

• A withdrawal of funds from an account.