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12 terms

Money Management

STUDY
PLAY
Budget
a plan for spending money
P.A.Y.E.
Pay as you earn. The most common type of income tax.
P.R.S.I.
Pay Related Social Insurance-goes towards paying people when ill or unemployed.
U.S.C.
Universal Social Charge
Money Management
How you handle money coming in and money going out.
Gross Income
the TOTAL amount of your income BEFORE you claim any exemptions or deductions.
Net Income
the amount a person has left after income tax is deducted
Tax Credits
The part of income which is not taxed.
Savings
money put aside for future use
Credit
An arrangement to receive cash, goods, or services now and pay for them in the future.
Forms of credit
Bank overdraft,Loan from bank,Hire purchase,credit cards.
MABS
Money Advice Budgeting Service.It helps people with debt problems.