10.1 Vocab Flashcards
gross income
the amount you earn before taxes and other payroll deductions
the amount you earn before taxes and other payroll deductions
gross income
net income
what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
net income
withholdings
the portion of an employee’s pay held back to cover taxes and other deductions
the portion of an employee’s pay held back to cover taxes and other deductions
withholdings
Fiscal Year
a one-year period that governments or companies use for financial reporting
a one-year period that governments or companies use for financial reporting
Fiscal Year
deficit spending
spending more than you earn; an economic policy in which the government spends public funds raised by borrowing rather than by taxation
spending more than you earn; an economic policy in which the government spends public funds raised by borrowing rather than by taxation
deficit spending
national debt
the total amount of debt a country owes to companies and other countries as a result of deficit spending
the total amount of debt a country owes to companies and other countries as a result of deficit spending
national debt
