Senior Secondary · 10-12 · Workplace Math
What is a budget?
A plan for how you will spend and save your income over a period of time
What are three common budget categories often used to organize spending?
Needs, wants, and savings
What is gross income?
The total amount earned before any deductions (like taxes) are taken out
What is net income?
The amount you actually take home after deductions (like taxes) are subtracted from gross income
What is income tax?
A tax the government collects on a person's earnings, used to fund public services
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