Financial Literacy

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What is an expense?

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An expense is something that you pay for, such as bills, groceries, or any other costs.

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What is income?

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Income is money earned or received, typically from work or investments.

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What is gross income?

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Gross income is the total amount of personal income before taxes and deductions.

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What is net income?

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Net income is the amount of money you take home after taxes and deductions are subtracted from your gross income.

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What is property tax?

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Property tax is a tax on the value of a house, building, or land.

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What is a bank loan?

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A bank loan is money borrowed from a bank that must be paid back with interest.

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What are deductions?

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Deductions are amounts that are subtracted from your gross income to determine your taxable income.

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What is savings?

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Savings is money that is set aside for future use, often kept in a bank account.

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What is a budget?

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A budget is a plan that outlines how much money you expect to earn and spend over a certain period.

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What is a check?

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A check is a written order directing a bank to pay a specific amount of money from one account to another.