5.05 Flashcards
(16 cards)
Taxes
Money paid to a government
Budget
Plan or record of income and expenses
Income
Payment for work or profits on investments over time
Resources
A material or item that can be used to produce something new
Analyze
To examine something in detail in order to understand it better, often by breaking it down into parts
Interest
Rate paid or charged for use of money
Fixed
Paid regularly and amount does not change or only slightly, like rent payments and car insurance
Variable
Amount paid depends on how often or how much the good or service is used, like attending movies or haircuts
Deficit
An amount of expenses that exceed income
Debt
An amount of money, service, or other property owed to someone
Surplus
An amount of income that exceeds expenses
Revenue
Income, often used in reference to government or business income
Sales Tax
Money paid to government based on the exchange of goods and services.
Income Tax
Money paid to government based on earnings
Economy
The production and use of goods and services in a society
Common Good
The greatest possible conditions of society for the greatest number of people living in it
