Vocabulary Part 1
Vocabulary Part 2
Budget
Steps of Budgeting
Potpourri
100
A financial plan
What is Budgeting?
100
Another name for a budget
What is a Spending Plan?
100
Spending more than you are making
What is going "over your budget"?
100
Step 1 in the process- need to know how much you are spending and earning
What is an Income and Expense Statement?
100
The amount of money needed to be budgeted if I want to buy a $5,000 car and am saving up for 10 months to buy the car
What is $500 a month?
200
Expenses that can be made higher or lower
What is a Non-Contractual Expense?
200
Expenses that are due monthly and do not change
What is a Contractual Expense?
200
Making more than what you are spending
What is being "Under your budget"?
300
Expenses that are set in stone on cost
What is a Fixed Expense?
300
when you owe money
What is a deficit/debt?
300
You earn $400 a week. You are going on a trip to Europe in 1 year and need to save $6,800. How much do you need to save a month to achieve your goal?
What is $567?
400
The method used to keep track of all income and expenses
What is a Filing System (Control System)?
400
Keeping proper track of income and expenses
What are Accurate Records?
500
Having more money than expenses
What is a Surplus?
500
Spending money
What is Discretionary Income?
M
e
n
u