Identifying Income and Expenses: Vocabulary

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Income

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Money that a person or household earns from work, or other sources.

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Expenses

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The money that a person or household spends on goods, services, and bills.

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Budget

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A plan that outlines how much money is earned( income) and how much is spent (expense) over a certain period.

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Saving

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Money that is set aside and not spent, usually to achieve a specific goal or for emergencies.

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Investment

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Using money to buy something with the expectation that it will grow in value or provide income in the future.