Personal Financial Literacy Vocabulary

When your expenses are equal or less than your income.

Payment for goods and services

The total amount of personal income prior to taxes and deductions

The amount of money collected on the value of items such as houses or land (your property)

The amount that remains after taxes and deductions. A person’s “take-home” for budgeting.

A monthly or yearly spending and savings plan

Pays for things the government provides to its citizens (schools, roads, police, fire departments, national security)

Money taken out of a bank account

Money paid to the federal government based on an individual’s income

Amount of money collected by a store (retailer), in addition to a good or service that was purchased

Money earned or received

Amount of money that a company (employer) withholds from it’s employees

Money put into a bank account