PBMF Ch 16 Vocabulary

Theamount on which taxes are calculated. 

Earnings fromdividends, interest, and rent

An amountthat reduces taxable income 

 Livingcosts involving differing amounts each time. 

Moneyfrom wages, salary, commission, fees, tips, and bonuses. 

Reportthat summarizes:current condition, acknowledges financial needs&sets direction forfinance

 The amountof money you plan to use for a certain budget category. 

Adifference between actual spending and planned spending. 

Thedifference between a person’s or family’s assets and liabilities.  

Thefinancial statement that reports new wage & other income along w/ spendingfor a given period

Accumulation&management of property during 1’s lifetime & distribution of 1’sproperty at death.

 An amountsubtracted directly from taxes owed.

Costs thatoccur regularly and are for the same amount each time. 

Daily financial activity associated w/ using limited income 2 satisfy ur unlimited needs&wants

 A taxdeduction for the taxpayer, a spouse and each dependent. 

Acharge imposed by a government to finance public services.

Taxsheltered retirement plan in which people can annually invest earnings upto a certain amount

Items ofvalue.