Financial Literacy

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What is Income?

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Income is the total amount of money earned by an individual or business before any deductions, such as taxes.

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What is Payroll Tax?

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Payroll tax is a tax that employers withhold from employees' paychecks to pay for social security, Medicare, and other government programs.

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What is Sales Tax?

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Sales tax is a tax imposed on the sale of goods and services, usually calculated as a percentage of the purchase price.

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What is Net Income?

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Net income is the amount of money you receive after deductions, such as taxes and other expenses, are subtracted from your gross income.

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What are Fixed Costs?

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Fixed costs are expenses that do not change regardless of the level of goods or services produced, such as rent or salaries.

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What is Cash Flow?

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Cash flow is the total amount of money being transferred into and out of a business, especially as affecting liquidity.

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What is Gross Income?

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Gross income is the total income earned before any deductions or taxes are taken out.

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What is a Budget?

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A budget is a plan that outlines expected income and expenses over a specific period, helping individuals or businesses manage their finances.

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What is a Business Expense?

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A business expense is any cost incurred in the ordinary course of business operations, such as rent, utilities, and salaries.

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What is a Tax Deduction?

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A tax deduction is an expense that you can deduct from your total income to reduce the amount of income that is subject to tax.