6th Grade Financial Literacy Practice Test 2026 - Free Financial Literacy Practice Questions and Study Guide

Money remaining after taxes and deductions is net income. Net income is what you actually take home after all deductions, like taxes and any required withholdings, are subtracted from your gross earnings. Gross income is the total amount you earn before deductions. A surplus is extra money beyond what you need, while a deficit is when you’re short and don’t have enough money to cover expenses. So, the correct idea for the amount left after deductions is net income.