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A plan for managing your money. It compares how much you earn (make) to how much you spend.
Budget
Money earned through employment or through benefits
Income
Money spent to buy goods and pay for services
Expenses
Money put away into a bank to use for later
Savings
Items or things you would like to have but are not necessary
Wants
Things you must have to survive (food, water, shelter) or to have personal success
Needs
An arrangement you make with your bank which allows you to keep your money in a safe place and take it out when you need it
Bank Account
Type of expenses that stay the same each month
Fixed Expenses
The amount of money in your bank account
Bank Balance
Most responsible adults will have these 2 types of expenses.
fixed and variable
A bank account which you usually put money in for a longer period of time. It may earn interest.
Savings Account
A plastic card you use to get money from your bank account(s)
Debit Card
Type of expenses that change each month
Variable Expenses
A machine often found on a wall outside of a bank where you can withdraw from / deposit into your bank account
ATM – Automated Teller Machine
The money you put into your bank account
Deposit
The money you take out of a bank account
Withdrawal
Money that you borrow that must be repaid
loan
When you place money in stocks, this is known as an ________ for the future.
investment
Bills like your gas bill will change from month to month. What type of expense is this?
variable expense
An amount of money paid to the government, which is based on your income of the costs of goods you have bought
Tax
Mr. Dodd took out a $25,000 loan. He has to pay $550 each month until he pays back the loan. This is a what type of expense?
fixed expense
Hawaiians pays $2500 monthly for rent, about $800 for grocery and an average of $500 for utilities. These are known as her?
Expenses
Lani earn $85,000 yearly for working at a chemical engineering plant. This amount she earns is known as her annual ________.
salary
Because my Precita didn't spend her million dollar lottery win wisely, she ended up filing _________ to protect her house and belongings.
bankruptcy
Buying the latest games and purchasing video equipment is know as a.....
want